Cryptocurrencies

bitcoin and finance
August 20, 2022
By: Redaccion | 0 Comments

Could cryptocurrencies and blockchain replace banking and finance?

Cryptocurrencies can easily replace fiat money in all its uses such as deposits, exchanges, and units of account, just as decentralized blockchain-based systems can replace banking with faster transactions with higher levels of security and lower fees. However, this will not entirely happen as these will not stand aside as cryptocurrencies and blockchain replace them. Currently, world powers have considered launching a digital version of their currency to prevent bitcoin and cryptocurrencies from gaining too much momentum. Although this is something that is still being well regulated, central bank digital currencies would have to provide most of the same benefits of cryptocurrencies to stop competition coming from DeFi systems. This is probably why central banks should let commercial banks fend for themselves, which will allow transactions with lower fees and fewer intermediaries. The reality is that as the public becomes more informed about cryptocurrencies and decentralization, the more they see the benefits these have on the future of finance and the internet. Another alternative to avoid being replaced would be to ban cryptocurrencies altogether, although many believe this is unlikely to happen as large companies are considering adapting to these digital currencies.

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dogecoin
August 20, 2022
By: Redaccion | 0 Comments

The history of Dogecoin

Since the emergence of bitcoin, more and more currencies have been emerging, including dogecoin, which, like the others, can be bought and sold as an investment and spent as money. But what is the origin of this peculiar cryptocurrency? It all starts in 2013 when bitcoin had a bad reputation for being associated with the Dark web, it was then when a programmer and former IBM engineer had the great idea of creating a currency that was fun and attracted attention, it should be clarified that this began as a joke. Surfing the internet Makus came across the domain dogecoin.com which belonged to Jackson Palmer, a data engineer working at Adobe, this fits perfectly with his idea since the name came from a popular “meme” of that year which was based on an image of a Shiba Inu dog to which a funny phrase was added. This is how Markos contacted Palmer and they started to develop the cryptocurrency called Dogecoin. It is important to mention that dogecoin is not a coin developed from scratch since it is based on the Litecoin coin which in turn is a copy of bitcoin with the difference that these coins work with the Scrypt algorithm and not the SHA-256 algorithm as bitcoin does. In turn, dogecoin maintains the PoW consensus, but the blocks are generated every minute and the maximum is eliminated, i.e. the issuance of coins is infinite. However, it was not until recent years that this cryptocurrency began to become so popular, part of this was due to the support received from celebrities such as the founder of Tesla and SpaceX Elon Musk who through his Twitter account tweeted about this cryptocurrency which caused its value to increase by 30%, thus capturing the interest of several people. Although recently the CEO’s disagreements with the crypto industry led to doge a 50% drop after achieving its all-time high of 0.73 USD. Despite this investors are still confident that dogecoin will achieve a dollar value sooner or later. While the fate of a cryptocurrency is uncertain, its current value will likely increase over the years. We hope you are interested in this origin that is already part of the history of cryptocurrencies, as always we remind you that this is not a financial recommendation, we have to make our analysis and not invest money that we cannot afford to lose.

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criptomonedas-2022
August 17, 2022
By: Redaccion | 0 Comments

6 Fastest growing cryptocurrencies in 2022

Although the cryptocurrency market had a big collapse a few months ago and many projects ended up disappearing, it was not an impediment for new ones to be born. Therefore, below we will comment on some of the coins that we consider to have had good growth: Tamadoge (TAMA): This is one of the most novel and interesting projects. Everything revolves around its TAMA token and its roadmap is completely focused on the development of the Metaverse, NFTs and ARs. TAMA will have a use in its platform to grant rewards to Tamaverse participants. This token is on Ethereum’s ERC-20 network and is characterized by its deflationary nature. One feature is that for every transaction in the Tamadoge store it will burn 5%. Battle Infinity (IBAT): This project has gained the attention of investors because of the P2E features that make it easy for users to generate interesting profits. The BEP-20 token native to the Battle Infinity ecosystem, IBAT is what will be used for all transactions within the system and this can be achieved in different ways such as staking or NFT trading, the most prominent way being its unique blockchain-based fantasy sports league in which we can get different rewards. Battle Infinity has all the looks of being one of the most successful metaverse currencies. And yet another feature is that IBAT holders can also acquire virtual land parcels, which has become a popular investment in the crypto world. Lucky Block (LBLOCK): Given its novel and unique proposition with its crypto gaming platform, its price increased by more than 3,000% in assignment to the pre-sale price, which determined that LBLOCK achieves a market capitalization of more than $750 million. LBLOCK carries out different sweepstakes in which anyone can participate for only 5 dls, and its attraction is that the more people participate, the better the prizes. In addition, people who have LBLOCK in their wallets and are connected to the platform get a free ticket daily. Another feature if you have your wallet connected to the platform is that you receive passive income at the end of each draw. DeFi Coin (DEFC): This token supports multiple possibilities for use in financial services, performance farming, cryptocurrency staking, token exchange, and more, making it a very attractive asset for investors. DEFC incorporates a “static reward” mechanism based on a 10% tax on token transactions, of which 50% is shared among individuals who own one and the remainder is placed in Defi Swap liquidity funds. Cardano (ADA): It is known as the “Internet of blockchains” and is of the most scalable, interoperable, and sustainable currencies of the main networks operating today. When it came out it had a very large increase reaching 3 dls, then it has fallen but the important thing is how it has remained very stable and in the face of the great fall it was able to maintain itself. Cardano uses a ‘Proof of Stake (PoS) consensus mechanism that drastically reduces energy expenditure when creating new blocks, which differentiates it from Bitcoin and Ethereum. This gives it an advantage because it makes it the most appreciated by the crypto community and investors. Ripple (XRP): RippleNet is the decentralized payment mechanism that facilitates fast and reduced-cost transactions between different currencies through the use of its Ripple token. By making use of this system RippleNet has become a de facto upgrade replacing the already very inefficient SWIFT network that accumulates delays of up to five business days in payment processing. Cryptocurrencies, despite the obstacles that have been put in their way, always find a way to have a step and innovate, these are the cryptocurrencies that we see as something special and that is why we place them on this list. However, as always we remind you that this is not an investment suggestion and it is up to each person to make their analysis and never invest money that we cannot afford to lose.

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criptografí
August 16, 2022
By: Redaccion | 0 Comments

What is cryptography?

Information protection is one of the most important issues within a company. A security breach could compromise all the sensitive information that the company may have, so the necessary security measures must be taken so that no confidential information is lost. Cryptography is a set of techniques used to protect information so that only authorized persons can access it. The word cryptography derives from Greek in which crypto is hidden and graphic is writing. In short, we can say that it means hidden writing. Cryptographic techniques transform data into codes, preventing unauthorized persons from reading them. Only those who have the “key” to the file can read the information. The following are some of how cryptographic security works: SSL (simple encryption): This is the recommended security measure for websites, especially for those that request the sending of private customer information, such as personal data or bank details. This method validates the URL address of the site’s domain and protects the information. VPN: A virtual private network (VPN) is a type of private connection that uses a public network to access your company’s data. It contains connection encryption that prevents data interception and IP tracking. This is the most secure way to access company data on a public network. Email encryption: This type of cryptography allows the encryption of email signatures, guaranteeing the verification of the origin of emails sent and received. This type of protection is suitable for companies that need to guarantee secrecy in legal matters, where emails cannot be used as evidence. Symmetric key: The key is used by both the sender and the receiver, i.e. the same key is used to encrypt and decrypt the data. The use of this method is not recommended for storing very important and confidential information. Asymmetric key: This method uses two keys: one private and one public. An encryption key is created and sent to whoever needs to send information (this is the public key). A key must be created for decryption (this is the private key). The secret private key must be sent only to the one who authorizes decoding the data. We hope you found this blog interesting as it is important to understand what cryptography is and how this type of security has given a basis to how cryptocurrencies were expected to work.

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instagram-for-crypto
August 15, 2022
By: Redaccion | 0 Comments

6 Best Instagram Marketing Strategies for Crypto to Follow in 2022

Instagram is one of the main social networks that you should manage and have active for your NFT collections. That is why below we will bring you some strategies that you should follow to have an active and successful account on this social network: Create a more personalized space: Unlike Twitter on Instagram, we can share more visual and personal content since through images and stories we can share more about topics such as project development and even fill our posts and stories in the style of the coin or collection. Post about the team: Take advantage of the network space to give more visibility to the team in charge of the project and its founders, this helps to raise trust with the collection or crypto project. Constantly share the mission of the project: Today with the number of cryptocurrency collections and projects, it is very difficult for us to stand out if we do not have something that makes a difference. This we can mark it with an objective that aims beyond generating money, so if your collection or project comes backed by a cause, it is here on Instagram where you can take advantage of all the audiovisual content that you can use to share it. Take advantage of Lives: One of the best tools Instagram has is its live videos, as they are very easy to use and we can make them at any time. Take advantage of this tool to make sessions to answer live questions about the project, or use them to share something about the development of the project. Use hashtags strategically: It is important to be aware of what are the most popular hashtags on the day, we tend to believe that putting several is enough for our publication to appear in many places, but it is best to be aware every day about what is being talked about the most and use it to our advantage. Look for experts: Marketing agencies for crypto and NFT projects are always updated on the best strategies to use on social networks and Instagram is no exception so if you want to highlight your collection on the platform this is one of the best ways. In The Blue Manakin, we have all the necessary tools to grow your Instagram page, plus we have a database of influencers to use the ones that best suit your project and give it more visibility.

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What-are-NFT
August 15, 2022
By: Redaccion | 0 Comments

What are non fungible tokens (NFTs)?

NFTs are an asset that cannot be imitated, in the digital world that is compared to selling any other type of asset or property, but in an intangible form (soft technologies). These tokens can be seen as certificates of ownership of virtual or physical assets. How do they work? With NFTs, different digital files can be tokenized to create a digital certificate of ownership that can be bought and sold. As with cryptocurrencies, a record of who owns what is stored on the shared ledger such as the blockchain. The records cannot be falsified because this “ledger” is securely maintained by thousands of computers around the world NFTs can also contain Smart contracts that could provide the artist with, for example, a share of a future sale of the token. In many cases, artists retain the copyright to sell copies of those works and thus continue to sell. But for a buyer of an NFT who holds the token, it proves that he is the original owner of the work. Some people compare it to buying a copy signed by the author. In theory, anyone can tokenize their work to sell it as an NFT, but interest has grown following reports of multimillion-dollar sales. In this way, everyone can give “value” to NFTs simply because they believe it is valuable, which is why there are multimillion-dollar sales. In addition, they have the following characteristics: Strangely unique Non-interoperable Indivisible Indestructible Absolute property Verifiable Understanding the basics of NFTs is one of the first things we must do to learn more and more about them.

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new-crypto-projects
August 14, 2022
By: Redaccion | 0 Comments

How to find new Crypto Projects | Blue Manakin

We know that there are currently thousands of cryptocurrencies and that more and more are appearing. Normally new coins can be found in their first phase in the form of ICOs, which is the process in which the creators can somehow raise funds to develop the rest of the project. This is basically when the first investors come to the project. NFTs can also be found when they are still in pre-sale or on a whitelist. The advantage of being able to find these projects during these stages is that we can find them at much cheaper prices than they will be in the final sale. So we will share some ways to be able to find these projects before their public sale: Content creators: It is important to follow the creators of the topics that we like or that we are usually aware of, that is why if we want to find projects that are just about to come out, we have to follow the people who are dedicated to talking about it. Usually, new projects hire people to do promotions for them which still adds confidence to the project. Calendars: We can find on the web different pages that are dedicated to calendarizing the releases of new coins and NFT collections. In them, apart from seeing the release date, we can also find information about the project. Spooling platforms: Several platforms are dedicated to finding new collections and ICOS and creating lists, as for the NFT others can even give a rarity to your NFT depending on their characteristics. Telegram groups and Discord servers: On these platforms, we can be part of communities that are always on the lookout for these new exits and opportunities so by being part of them we can equally find these opportunities before they come out or when they are in their early stages. Crypto marketing agencies: Serious projects usually have a team or agency that is dedicated to their marketing, so following the agency is an opportunity to learn about new projects that are about to come out. In The Blue Manakin, we always have projects which always have a mission or art that we like, so if you always want to find projects that are coming out and are of quality follow us, so you do not miss them.

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blokchain-hash
August 14, 2022
By: Redaccion | 0 Comments

Blockchain dating and hashing

Blockchains are information networks in which all the transactions that have been made are displayed, but as everything has certain rules you have to taste how to optimize them in the best way. Although Bitcoin is already a very popular currency, it will serve as an example due to its high popularity. One of the first things to keep in mind is that each block of the chain is attached to a text document, for example in Windows Notepad. All transactions that have been made are written there, but keep in mind that the file cannot weigh more than 1 megabyte, so each text document will have a limited number of operations (between 2000 and 2200 transactions). Bitcoin also has the rule that to create a new block, at least 10 minutes must have passed from the previous block, so there is a limited number of blocks per day (144 blocks to be exact), so with a block of 2200 transactions every 10 minutes, we have an approximate of 4 transactions per second, which would be a lot if a person were put to review them, so it is much easier to do it on high-powered computers. Once the whole process is done, a hash is generated from the following parameters which are, the hash of the previous block, the date and time of the block creation, the reward transaction for the miner who has made the block, and all the transactions that are inside the text document up to 1 megabyte and a number at the end of the hash that allows you to start with the number of zeros that the platform is asking for. To avoid any type of fraud, for every 2016 block that is added to the chain the hash will change, so it is practically impossible to falsify a hash by putting random information since there would be an infinite number of possibilities.

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cryptoworld
August 11, 2022
By: Redaccion | 0 Comments

CryptoWorld 101

Anyone wishing to enter the world of cryptocurrencies is faced with a myriad of questions. Since this new digital economy is like discovering a new land because you can find many good things, there is also some uncertainty due to the vast areas it covers and the fear of making a mistake along the way. That is why we will put the questions that we usually ask ourselves before entering this world What are cryptocurrencies? Cryptocurrencies are dematerialized currencies, i.e. they are digital or virtual, they are encrypted and decentralized since they are transferred between individuals without any other intermediary. They are not tangible and exist only in electronic systems. They allow people to send money with very low transaction times, even more than a bank, the commissions are low and there are no intermediaries or credit cards. Why use cryptocurrencies? Cryptocurrencies are a true revolution, as the Internet once was. This new form of decentralized financing will surely generate great changes in the coming years. Cryptocurrencies should lay the groundwork for new modes of secure and open organizations. Of course, not all cryptocurrencies are equal. Some have had a bigger boom than others in the market, such as Bitcoin, Ethereum, or Litecoin, but many lesser-known ones are promising. Where to buy it? When you start in the world of cryptocurrencies there will be many pages that promise you that by investing a low amount of money you can reach exorbitant amounts, what you need to taste is which platforms are the right ones so that you feel confident about what you are going to invest in and where you are going to put your money. The best platforms for this are simple buying platforms or trading platforms. If they want, when they already have some cryptocurrencies they can exchange them for other altcoins or directly for euro/dollar money. To do this, you can directly use Coinbase or Binance platforms for example. We hope that these simple questions can lay the foundation for you to start getting deeper and deeper into this big world. In our blog, we have more posts that can help you to ease your walk and feel more confident in what you do.

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blog-cripto
August 11, 2022
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TOP 10 Cryptocurrency Blogs and Websites to Follow in 2022

Cryptocurrencies and NFTs have updates practically every day, plus their market is volatile, it can change from one hour to the next so there is always a constant conversation generated from them. Also, companies are always coming up with new ways in which cryptocurrencies can be applied to new types of businesses or generating collaborations with brands that attract too much attention. This is why we bring you some of the best sites and blogs to be able to keep you up to date in this fast-changing space. Next, we have: CoinTelegraph It is always up to date and has interesting and informative topics on everything related to cryptocurrencies and blockchain. NFT Lately This page mainly focuses on the latest relevant news with new collection releases and all the events in the NFT world. Bitcoin.com Focused on giving us the latest details about bitcoin, but also comes out with the latest news on important topics about this world and the blockchain. Forbes A magazine dedicated to sharing various topics of technology, finance, and both other topics of the last moment. One of the characteristics of their notes and why it is worth reading them is that they share tips and strategies on finance, especially with cryptocurrencies. CoinDesk Like Forbes, in CoinDesk publishes a lot of news on different topics most of them about technology and business, but the vast majority are about the most relevant news about the crypto world and its education. They also upload content of opinion articles and interviews aligned on a substantial front page, as well as a podcast. CryptoNews Whenever something new comes out regarding the crypto world, you are sure to find it here first. They also share tips on how to move through this world. Bitcolumnista Known for their popular blockchain guide. What is the most attention-grabbing is that they allow their community to choose content with a downvote/upvote system ensuring that the first thing you see is quality content. CoinMarketCap This site is primarily used for market analysis including price charts, market cap, and trading volumes. You can also get, but they also share news about new coins and ICOs. Criptodiario This site mainly publishes news about popular coins such as Bitcoin and Ethereum. As well as NFT-related content and the latest news from the metaverse. The Blue Manakin Here at The Blue Manakin we have our cryptocurrency blogs, focused on answering the questions we usually have when we start getting into this vast world. You can also find news about what is going on in the world of cryptocurrencies and NFT. We hope these pages are of interest to you and help you to always stay educated and updated about this changing world.

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crypto-born
August 10, 2022
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Where cryptocurrencies come from

Cryptocurrencies are a digital asset that uses cryptographic encryption to guarantee their ownership and ensure the integrity of transactions. But where do cryptocurrencies come from or what is their origin? It all begins in 2008 when the United States was going through a financial crisis that caused the devaluation of the dollar, which in turn affected the rest of the world. Due to the low value of the currency and the cut in interest rates, central banks manipulated and devalued currencies around the world. Eventually, with low-interest rates and taxpayer bailouts, the banks responsible for the financial problems were the ones who benefited from the “collapse”, this was the trigger for a man known as Satoshi Nakamoto whose identity remains unknown to this day to decide that there was a need to invest with a disruptive force, with something that could change the way we think about money. In 2008 he first published his paper on Bitcoin technology detailing the peer-to-peer system that runs Bitcoin transactions and months later provided the software to perform these transactions. Bitcoin would thus be the first completely decentralized currency open to all, without a central bank controlling it. This means that we are all part of the Bitcoin economy, instead of a bank defining how much it is worth and how much of it we have available in our economy. However this was not simple since it was necessary to have a global ledger of transactions in which transaction information is stored, normally a bank would be responsible for performing this procedure but being a decentralized system there is no associated bank this allows anyone to send a transaction request to the decentralized network and this makes the decentralized ledger very vulnerable to attacks. This was the main impediment to the creation of a functional cryptocurrency. So Satoshi needed to innovate and create the technology we now call “Blockchain“, which allows keeping the ledger secure using timestamps, a lot of decentralized computational processing power, and cryptography. Because of this, we can say that Bitcoin (BTC) is the origin and maximum representative of cryptocurrencies, which went from having a practically worthless value has achieved figures never imagined.

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buy-bitcoin
August 9, 2022
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What can I buy with Bitcoin?

It is becoming more and more common that different businesses allow us to make payments through cryptocurrencies, depending on the platform is the currency that we can use but certainly the one that we will find will be Bitcoin, but certainly we can get to surprise by the number of things we can buy with Bitcoin. Below are some of the things we can buy with Bitcoin and other cryptocurrencies: Travel and Tours: Some travel platforms such as Expedia, CheapOair, and Travel360 Travel Agency accept bitcoin payments. Just like the Tours & Travel Teotihuacán page accepts bitcoins for the services it offers. Games: You can buy Xbox credits with bitcoin with which you can buy many things through the Microsoft store. Some platforms allow the purchase of codes to download games by paying with bitcoin. Handmade jewelry: Tobiko is a Mexican jewelry store where you can buy their products with bitcoin. Electronics: The site Newegg accepts bitcoins as a payment method, here you can buy things like a computer, a video game console, and even a cell phone. Music: Artists like Bjork and Kings of a lion, allow you to buy their albums with different cryptocurrencies. Works of art: Platforms like Bitpremier allow the sale of artworks that are for all tastes. Gold: Certain companies like JM Bullion accepts the purchase of ounces of gold for Bitcoin, a gemstone for another gemstone. Tickets: 13 Tickets is the first platform for tourist experiences that can be paid for with Bitcoins, and over 375 different cryptocurrencies. Which became quite popular for reaching an agreement with Real Madrid to offer tickets for the Bernabeu Tour in bitcoins. It is more common to see various soccer teams start to allow ticket sales via cryptocurrencies and NFT. Gift cards: Gift cards can be purchased with bitcoin from stores like Amazon and other options like Netflix or Airbnb. These work in that you buy the cards at bitcoin value but when you receive the card it is in normal Fiat value. Clothing: In some online stores like Shopify, we can buy clothes using cryptocurrencies. This works since in Shopify it is the users who create their online store so some of these may have the option to accept Bitcoin payments. Real estate: Since the historical peak of Bitcoin and also Ethereum smart contracts, it has recently become popular to accept it as a payment currency for the purchase of the real estate. As we can see there are many ways in which we can spend our bitcoins if we want to, and as time goes by we are sure that the time will come when we will be able to practically use our bitcoins and cryptocurrencies daily.

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bitcoin-and-nature
August 9, 2022
By: Redaccion | 0 Comments

How does mining affect the environment?

According to an analysis by Cambridge University’s Centre for Alternative Finance (CCAF), if bitcoin were a country, it would consume more electricity per year than Finland, Switzerland or Argentina. This is because the process of “mining” the cryptocurrency (using gigantic computers that never stop working) consumes a lot of energy. The machines dedicated to “mine” or extract bitcoins are specialized computers that connect to the cryptocurrency network. Their job is to verify transactions made by people sending or receiving a currency, in a process that involves solving many mathematical puzzles. Usually the reward for that work is low and only small amounts of money are obtained in comparison to all that is spent in order to obtain them. That is why the only way for mining to be a profitable process is to do it on a large scale, with huge energy consumption and computers working 24 hours a day every day. That is why illegal cryptocurrency farms are installed in cities where electric power is cheap. They also seek to be in cities with frigid climates because the heat produced by the computers would make the cost of an air-conditioned area very expensive, thus cooling the equipment quickly and more cheaply. One might think that with the advances that we have today with respect to renewable energy could solve this problem, and although it is a part of the possible solution that can be given, there is still much energy that is produced from fossil fuels such as gas, oil and coal, which are highly polluting and produce a very large carbon footprint.

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bitcoin-to-fiat
August 9, 2022
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Can cryptocurrencies be converted into fiat money?

As time goes by and in this last year, we see more and more the use of cryptocurrencies in a more everyday way. Even so, we still have some inconveniences when using them to buy things since not all businesses accept them as a payment method, or there is no way to use them daily when going to a coffee shop or when we go to the supermarket, that is why tasting how to convert into fiat money to use it in physical stores or simply to have cash is important and many people can see it as something complicated. It all depends on the country and the currency we are going to use, Bitcoin is still the most used cryptocurrency so in it we can find more facilities to change them in certain countries and there are more methods to change this into cash. How to exchange it for real money? The first thing we recommend is that you look for the conversion of your cryptocurrency to real money, you can do this by searching directly on google in some cryptocurrency exchange, it is only to have an approximate as this value is constantly changing. The easiest way to convert cryptocurrencies to fiat currencies is through exchanges, where you can find different alternatives to exchange them such as: 1. Using the platform’s withdrawals. When you have an exchange wallet, you will only have to request an order to sell your Fiat coins, usually, we can find a withdrawal section to do this. You just have to wait for it to be executed and the real money will appear in your wallet. Then you will be able to withdraw it to a bank account. 2. Use the P2P method In most exchanges, or at least in the most popular ones, there is an option to buy and sell cryptocurrencies using the P2P method. With this method a person who wants to buy cryptocurrencies will do it directly with you, depositing the money in the currency you want to your bank account. 3. Automatic Teller Machines. In some parts of the world, it is already possible to find ATMs that have the possibility of reiterating money from wallets, specifically those that have bitcoin and it is as simple as scanning a QR code with your wallet to make the withdrawal. 4. The bitcoin debit card We have talked about this card before on this blog. Not long ago we talked about this Visa card that allows you in many establishments to pay in a normal way using bitcoin.  Are these transactions taxed? It all depends mainly on the regulations that exist in your country if money enters your account, it must have come out of a legal space and you will have to declare where it has come from. We invite you, depending on the country you are in, to investigate the way to declare your earnings made with cryptocurrencies and the taxes you would have to pay for them, all this so you don’t get into trouble. We hope this post has helped you a little more in your way through the crypto world, knowing some of the ways you have to get a real payment for your cryptocurrencies and also about the tax obligations you may have with this.

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criptomonedas-how-does-it-work
August 9, 2022
By: Redaccion | 0 Comments

What is a cryptocurrency and how does it work?

As we get deeper into the world of cryptocurrencies you can see how versatile they are and the number of operations that can be performed with them. International currency transfers, loans between individuals, investment projects, or even buying and selling of products and services, are some of the facilities they offer. Cryptocurrencies represent a completely different concept concerning fiat money, i.e. the currencies that you normally handle in your day-to-day life (euros, dollars, etc.). The way to manage them is different, although they are quite simple processes. Knowing the particularities of how they work is important to avoid any possible problems. Buying and selling coins: This is one of the operations to master; in fact, it is essential. Without this function, it would not be possible to make transactions with the cryptocurrency, because it would not have a value. Making transfers between individuals: Cryptocurrencies are an ideal way to transfer money from one place to another in the world, thanks to their immediacy, their total digitalization, their decentralization, or their absolute security derived from blockchain technology. And all these transactions can be divided as follows: Inputs: Inputs are references to an output of a past transaction that has not been used in any other transaction. They allow us to confirm the origin of the assets to be used in a transaction. Outputs: These contain the address to which the transfer has been made and the amount that has been sent. It also contains the exchange or returns addresses where the transaction returns are sent. Identifier (TXid): Each transaction will have its hash. This hash is generated from the inputs and outputs. This value is the one that allows identifying a transaction in a unique and unrepeatable way within a blockchain. Commission rate (fee): The commission is the small payment that miners receive for processing a transaction. Thus, the miner who generates a new block will receive a commission for each transaction processed within that block. The commission does not come explicitly in the content of a transaction, i.e. it is not associated with any output, since the miner who will receive that commission is not tasted. At The Blue Manakin, we are interested in educating people to learn more about the medium they are entering. Normally we might enter this diverse world thinking that the only thing we can do with our cryptos simply boils down to buying and selling. When really in a transaction we can find other concepts.

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DeFi
August 8, 2022
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What does DeFi mean?

DeFi is short for decentralized finance that includes digital assets, protocols, smart contracts, and dApps built on blockchain. We can think of DeFi as an open financial system where various small financial tools and services can be built. Decentralized finance is a movement where decentralized server networks and blockchains are used to transform traditional financial products into transparent protocols that work without intermediaries. Currently, almost all decentralized finance applications are based on Ethereum and Binance Smart Chain blockchains. Like Bitcoin, Ethereum and Binance you have a blockchain that acts as a shared ledger that tracks digital value. Rather than a central authority, all users who have access to and participate in the blockchain are the ones who control the transactions of both Ethereum and Binance depending on which one it is as if it were a democracy. Developers can program applications that can create, store and manage digital assets, also known as tokens, on the blockchain. For this, dApps (decentralized applications) are described and built. The expiration of contracts and agreements is automatically enforced if the blockchain obtains the correct data. Complex and irreversible agreements can be made without the need for an intermediary. Anyone can create, adapt, mix, match, link or build upon an existing decentralized finance product without permission. Decentralized finance protocols are modular, so they can be stacked on top of each other to build an increasingly dense and complex system of interacting parts.

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rig-de-mineria
August 4, 2022
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Cryptocurrency mining: How does it works

What does it mean to mine cryptocurrencies? This answer encompasses many myths on the subject of cryptocurrency mining. Mining cryptocurrencies is not creating them out of thin air or forging them with special programs, cryptocurrency mining refers to a set of processes necessary to validate, process, and confirm transactions of a cryptocurrency. In the case of bitcoin, mining consists of validating and recording transactions on a blockchain. For this, all the nodes of the network (the computers) participate in the successful resolution of the riddle that involves the search for the block, taking into account a random number and with the application of a cryptographic function, a hash is found as a result, which complies with a characteristic, which always has a certain number of characters. What is needed? This work requires effort and computational power, which ensures how complex it is to write new transaction blocks to the registry and thus prevent an attacker from generating a fake block and adding it to the blockchain affecting already existing blocks. Do all mine work the same way? Not all cryptocurrencies work in the same way, so the way they mine depends on the system that uses the blockchain or algorithm of each cryptocurrency. However, one thing they all have in common is that there are never any useless operations between miners, but rather they are necessary to maintain the stability and security of the network being used. Since the miners’ work is so important they charge an amount of money for their mining work. In the case of bitcoin when a miner finds a valid block he is rewarded, since February 2021 for each new block a miner earns 6.25 bitcoins. The payment is made with coins that are in reserve and at that moment they enter into circulation, so it is erroneously believed that cryptocurrency mining consists of creating new coins. The coins are already previously defined, however, the job of mining is to bring more coins into circulation.

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puenteo-de-criptomonedas
August 4, 2022
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What does bridging tokens mean?

Every cryptocurrency has a blockchain network, but this does not mean that only that specific cryptocurrency can exist in that blockchain network, since bridges exist for that purpose. We have examples of these blockchains a: Ethereum  Cardano  Tron  Binance Smart Chain Solana Polygon  Doge So if I wanted to move my Ether on the Ethereum blockchain to the Binance Smart Chain blockchain, because for some reason I want to use it on a specific platform this would be achieved through these bridges. What are their functions? Mainly blockchain bridges are needed for 3 reasons: Ease of use: with brokers as these do not work with native tokens if not with versions of these tokens over the Ethereum network. Transaction fees: Sometimes it can be cheaper to make a transaction on a different network. Innovation: Currently there are many blockchains and they all have different characteristics and we hope they will continue to exist more and more so this system helps that these new ecosystems do not have to start from scratch. How many types are there? We currently have two different types of bridges, centralized and decentralized, we will talk about these below: Centralized blockchain bridges. These are usually part of an exchange in which they function as a pool that stores coins in exchange for delivering tokens that represent these coins. The main problem with this system is that we rely on the exchange for this, which highlights the popular saying in wallets, that as long as you don’t have your keys you don’t really own your coins. Decentralized blockchain bridges The second type of bridges are those based on Smart Contracts, which are created on both networks and these instead of freezing the assets burn them on the blockchain from which the coins originate. There are currently many bridges available, such as Avalanche, Binance or Terra. In The Blue Manakin we put a lot of emphasis on analyzing all the options of bridges before putting our money in them, thus avoiding a scam or the freezing of our assets and that we can not get them out.

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satoshi-nakamoto
August 3, 2022
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Curiosities of the crypto world: The mystery of Satoshi Nakamoto

Behind the creation of bitcoin, there is a mystery which is that it is not exactly tasted who is its creator. This mysterious person has always acted under the pseudonym of Satoshi Nakamoto who in the last decade disappeared completely from the Internet and has not spent his bitcoins during all this time. Although we do not know who Satoshi Nakamoto is or was, we do know his great work: he invented the bitcoin protocol and published it in a scientific article through the Cryptography Mailing List in October 2008. On January 9, 2009, Nakamoto released version 0.1 of the Bitcoin client, and on the same day, at 00:54, the first bitcoin block was mined, creating the first units. Three days later, on January 12, 2009, Hal Finney, one of the most prominent members of the “Cryptography” mailing list, received the first ever bitcoin transaction. And on April 26, 2011, Nakamoto disappeared and was never heard from again. Several theories try to explain why the group or person behind Satoshi Nakamoto is in hiding. Here are a few of them: – To avoid conflicts of interest since knowing the name of bitcoin’s creator could also allow that person to manipulate prices as he wishes, which goes against the original plan. – To avoid legal problems. In the USA some people have suffered legal actions for creating a digital currency as an alternative to the dollar, besides, bitcoin can be used by anyone and for many things, including illegal activities. – Avoid becoming a victim of a cult of personality. Some suspects who were thought to be Satoshi Nakamoto – Hal Finney: For being a pioneer of cryptography and apart from that because near his house lived a person with the surname Nakamoto, from whom he could have based himself to create the pseudonym. – Nick Szabo: Published about a decentralized currency before bitcoin existed. His writing style is also similar to that used by Nakamoto. – Dorian Prentice Satoshi Nakamoto: Because of his similar surname and his libertarian character, he could correspond to the profile of the creator of BTC. – Craig Wright: an Australian entrepreneur who has publicly and repeatedly claimed to be Satoshi Nakamoto. However, he has not been able to prove it. – A Chinese or Russian agent: the US administration asked whether this was not a Chinese or Russian coup d’état. What we can conclude is that even though this is an active mystery, not tasting who was the person or group of people responsible for basically creating digital currencies is not something that affects the currency directly. We hope someday to hear something about it but in the meantime, you can enjoy what bitcoin has brought to the world.

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blockchain
August 3, 2022
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What is the blockchain and how does it work?

What is a block? In computing, a block is the smallest amount of information or data that can be transferred in an input or output operation between a computer’s main memory and peripheral devices or vice versa. Generally, the physical size of the data block is larger than the logical record. than the logical record. By linking several blocks together, a blockchain is formed, each block has a specific and immovable place within the chain, as each block contains hash information from the previous block. The complete chain is stored in each node of the network that makes up the blockchain, so an exact copy of the chain is stored in all the participants of the network. What is it used for? In the blockchain, a block is a concept designed to optimize a process, for example, Bitcoin has dozens of transactions per second. Validating each of these transactions individually would be completely unfeasible and would be a long and tedious process. It can be said that a block contains a series of instructions and operations that are programmed to perform a certain process and also contains information on the hash of the previous block to connect and form a blockchain. How is it generated and what does a block contain in a blockchain? In blockchain technology, a block is a concept designed to optimize the validation process of the transactions made. In a bitcoin blockchain, each block is generated by the Proof of Work (PoW) system, when the computer (or several of them) solves the system or puzzle posed automatically by the web. The fundamental structure of a block is a header with data from the previous block and data from the transactions that have been made in the new block, adding other data such as a timestamp (timestamp) and a nonce (a number that can only be used once). With all the transactions a substructure called a Merkle tree is generated, which is a summary of all the transactions that have been made in a block, resulting in a Merkle root, which is what is added in the block to reference all the transactions. If a blockchain is compared to a ledger, each block would be a page of that ledger where all transactions are recorded. These blocks usually have different conditions or rules to be generated, and maximum block size is established. This may depend on the structure of the blockchain and it is also established how often a new block is created. Is it unique to cryptocurrencies? This technology is not exclusive to cryptocurrencies, since it can be used basically in any type of information that needs to be preserved intact and must remain available. Moreover, since this information is encrypted, its confidentiality is guaranteed, since only those who have the key will have access to it. Due to this, currently, the demand for this technology has increased since it offers benefits for all types of companies or organizations regardless of their line of business, such benefits are: Greater confidence. By working in a private network to which only members have access, there is the assurance that accurate and timely data will be received. Increased security. All members must agree on the accuracy of the data and all validated transactions are unalterable since they are permanently recorded and cannot be deleted. More efficient. With a distributed ledger among members, response time is reduced and transitions are executed automatically based on a set of rules stored in the blocks. Undoubtedly blockchain revolutionized transactions and data manipulation through the internet opening a world of possibilities.

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