Undoubtedly, digital currencies represent one of the greatest financial advances of recent times. Although there are countries where the entry process is slower, all have the potential to use cryptocurrencies with the advantages that they offer.

Terms you should know 

• Cryptocurrency: It is a type of digital currency that uses cryptography to provide a secure payment system. These encryption techniques serve to regulate the generation of monetary units and verify the transfer of funds. They don’t need a central bank or other institution to control them. 

• • Bitcoin: It is a digital currency or cryptocurrency that can be used to exchange goods and services like any other currency in the places where it is accepted.
  • Blockchain: it is a public registry where all transactions ever made on something in particular are shared, thus preventing counterfeits from occurring.

• Wallet: is a virtual cryptocurrency wallet that allows you to check the balance, operate between different blockchain networks and perform transactions, avoiding the involvement of intermediaries, as it occurs in the banks of the traditional economy, it is the bridge necessary to store and access cryptocurrencies such as Bitcoin, Ethereum, among others. There are different types of cryptocurrency wallets although we can divide them into two categories:

Hot wallet: 100% online wallets, which can be applications or can even be installed as extensions to the browser.

Cold wallet: physical wallets (hardware) whose common premise is that they work without an internet connection and are physical devices.

Pablo Betrano Innovation Coordinator of Grupo STT shared with us some of the advantages and disadvantages of Cryptocurrencies.

Advantages 

• The possibility of obtaining great benefits, since there are thousands of cryptocurrencies in the market.
• Blockchain technology provides security and trust.

• International transfers are cheaper than those made with traditional money.

• Increase access to financial services for the unbanked population.
• Fast transactions that can be sent in seconds and at low cost.
• All users can get a wallet to send and receive cryptocurrencies.

Disadvantages

• Most stores are still skeptical of this or any other cryptocurrency. 
• The digital wallet must be properly protected and safeguarded, otherwise it can become a risk. 

Tatiana Francia, Treasury Executive of Grupo STT comments about the keys to take into account to invest in cryptocurrencies.

• Knowing how to choose the portfolio is essential to understand how to transact.

• It is better to choose a wallet that allows you to start in this world of cryptocurrencies in a friendly way and that also provides support.
• Be clear about what percentage you want and can afford to invest.

It is the simplest way to buy and exchange cryptocurrencies.

Characteristics

• Wallet associated with a virtual or digital card which can be downloaded on mobile devices through iOs or Android.
• Secure registration for platform users and businesses.
• It is possible to make payments by QR code.
• It allows the search of nearby shops to make purchases under this modality.
• With Blockchain technology we implement a reinforced security system, instant traceability, greater efficiency and automation.

“Knowing that it is possible to send or receive payments from anywhere in the world with the freedom of unrestricted schedules of holidays, weekends, is phenomenal. Something that I love from the Simply Pay wallet is how simple it is to transact, super secure and personally knowing that the support is here in Latin America gives me peace of mind and confidence”, comments Tatiana.

The application can be downloaded from Android or IOS mobile devices, it is found on both platforms as Simple Pay APP, for more information you can also visit the website https://simplepayglobal.com/ and follow them on Facebook and LinkedIn.

Paola Alexandra Urrutia

Regional Community Manager 

ernal resources.