A single coin

 One coin...

 It is the idea of ​​creating a currency that you can choose which currency you want to convert into...

 So if I buy the coin I will indicate that the coin is related to the value of any existing coin...

 How all crypto is acquired through already existing currencies when acquiring a single currency it will indicate which currency to convert it into...

 He arrived and bought a single coin with 100 dollars but I occupy colones so he will immediately create 100 dollars in Cryptographic colones...

 If I want to buy a single currency with 100 dollars but I use euros, it will convert those 100 dollars into Cryptographic euros...

 The idea is that a single currency becomes any existing currency in the world, all under the same wallet and blockchain...

 A single currency starts with zero monetary value... The idea is to be able to have access to any existing currency in the world but that is stored digitally...

 A traditional currency is created or printed without any proof of work that certifies the creation of the same currency... I mean that if the central bank of Costa Rica wants to print money or the United States wants to print money Costa Rica does not know or participate in the creation of those dollars... What the proof of work does is achieve transparency in the transfers and the creation of the money that is going to be put into circulation... In bitcoin, the proof of work is used to verify the transfers and the who participate in the verification of the transfers are rewarded for their help in the verification of the transfer... It is a payment system so that people from all over the world can participate and receive payment for the time and work they contribute... How different would it be if a country wanted to create traditional money, it had to be approved by all the other countries and all the countries could know how much money will be in the hands of any person in the world... In fact, a system like the one I am explaining would be ideal since everyone could verify if there is money printed without authorization or consent from all countries...

 So a single coin has a monetary value of zero before its creation, the first mined block will generate the first coins... A single coin is only generated when the blockchain network receives traditional money... The bitcoin in its first mined block it had to have a value of zero, it was impossible for it to have a value greater than that because

Looking for meaning to a single coin, I imagine the first block mined with a reward for those who participated...

 Reward has a value of x... But the idea is to think and define how much will be the minimum accepted by the miners in earnings in 24 hours... I am one of those who believe that the price of a cryptocurrency can be defined based on to the minimum profit of the network of miners in 1 day...

 No miner will work for free or at a loss. You can also define a minimum and maximum number of miners, which makes no logical sense because it is not about miners but about power contributed... So the power in 24 hours must be the one that defines the minimum profit that is granted to those who provide power... (Power is an element that helps define the price of Bitcoin on the day or not 🤔🤯)

 Mining companies distribute a certain amount of mined Bitcoins in 24 hours.

 What would happen if from block 1 to block 144 that would be the blocks mined in 24 hours... A single coin will base the price of the first coins mined based on the mining power and the participation of miners and the profits obtained in the first 24 hours for contributing your work... If we base ourselves on this type of data, we can define how many transactions we occupy and for the amounts to cover the payment of the miners...

 The idea is that if we are going to define that each miner who contributes power will receive a payment that will be relative to a minimum profit that a miner would accept for a day of work...

 If a single miner mined 144 blocks and for one day of work generates a minimum free profit of 10,000 colones, it means that the value of all those mined coins will have the value of 10,000 colones... So the transfers that They are made in the blockchain in 24 hours, they will be for the value of those 10,000 colones. 10,000 colones among 144 mined blocks gives us a value of 69.44 colones per block... So, initially, only one coin is mined if 1 per block is mined it would be 69.44 colones each coin...

 So the initial market for a single coin can be defined by a maximum number of miners and what we want the network to be worth on the first day... If we want it to be 10 miners, then the network will end up being worth 100,000 colones on the first day. .. Or the Bitcoins that are equivalent to those 100 thousand colones, or the ethereum that is equivalent to those 100 thousand colones...

 The dilemma is that miners do not measure their income in bitcoins, they measure it in traditional money... If you define how much is the minimum or maximum profit of each miner in 24 hours, it is easy to define how many transactions can be made with the power that there is, It means that a single miner to earn 10,000 colones a day has to provide a power that covers the transfers of the 144 blocks plus the transfers from the sale of those 144 blocks that will have a monetary value of 10,000 colones...

 The issue is being able to store all the traditional money that is converted to electronic thinking that the blocks mined from the first have exchange for traditional money... So let's say the first block is mined by one person and generates 69.44 colones... The issue It is necessary to already have sold the largest number of mined blocks before being mined...

 So let's suppose that we have 10 thousand colones in cash, which will be the total value of the coins mined in 24 hours... The person who pays the 10 thousand colones indicates that in the blockchain they give him a single coin that he pays in colones but that he needs that represents those 10 thousand colones but in bitcoins... Then it generates 144 mined coins in what the Bitcoin was worth at the time of purchase... At today's price it would be 0.00072 btc... So the 144 coins will be converted into those bitcoin and the owner's wallet will indicate that the value of those 144 mined coins are worth those btc... And they will always be worth that amount... Let's say that the btc doubled and the owner is going to exchange the btc for colones again... The owner of the btc will receive 20 thousand colones and will deliver 144 coins equivalent to 0.00072 btc... But the one who buys them wants to convert those 144 coins into Cryptographic colones so they will get 20 thousand Cryptographic colones and they stop being bitcoins... The 144 m onedas are equivalent to 20 thousand colones... The idea is to seek to raise the value of those first 144 coins... Which can be referred to the value of the day of acquisition and conversion...

To be continue...

By LAEV