Virtual currency in Ecuador

1. At present, no country in the world is fully operating virtual currency. However, in South America, some countries have issued their own virtual currency as a supplement to the existing monetary system

it is reported that the Ecuadorian government will soon adopt digital currency as a supplement to its dollar based real currency system

the Ecuadorian government is going to adopt digital currency instead of popular bitcoin. In fact, Ecuador will implement its own electronic currency system, officially known as "sistema de dinero electric" ó "Nico", Ecuadorian officials said that the digital currency is only a supplement to Ecuador's real currency, but some experts seem to think that there may be other motives for this move

Ecuador is not the only country to use digital currency. Sweden is also using digital currency, but the difference is that Ecuador's digital currency is run by the government itself, which can't help raising doubts. Of course, Ecuadorian officials guarantee that Ecuador's financial system will maintain the status quo, and e-money will only supplement the existing monetary system

since 2013, the popular virtual currencies are bitcoin, Fuyuan coin, Laite coin, doggy coin, Ruibo coin, Yuanbao coin and so on.

2.

Ecuadorian currency is a digital currency issued by the Central Bank of the Ecuadorian government. Ecuadorian currency is not issued by a specific monetary institution. It is generated by a large number of calculations based on a specific algorithm, Ecuadorian currency economy uses a distributed database composed of many nodes in the whole P2P network to confirm and record all transactions.

it does not belong to any indivial, institution, bank or country, so it cannot be closed. Ecuadorian currency mining machine is mining 24 hours a day, and the Ecuadorian currency mined can be traded through the trading platform to obtain income, Ecuadorian coin mining refers to the process of collecting and sorting the transaction information that has not been recognized by Ecuadorian coin in the whole network in the past period of time through scrypt algorithm , broadcasting to all nodes in the whole network, and finally being recognized by all nodes and getting Ecuadorian coin. Mining is the only way to issue new currency, which plays an important role in issuing new currency, maintaining Ecuadorian payment function and ensuring system security

every Ecuadorian dollar and transaction record are saved on a blockchain. We call the newly added output or transaction record a block. The average cycle of information update on this chain is every day; According to the calculation power of mining machine, the output of block is about 3-78 pieces per day. Since September 2016, each block contains about n Ecuadorian coins, that is, about n Ecuadorian coins are g out every day; The mining of Ecuadorian coins is carried out by professional kncminer as far as possible. At present, Ecuadorian currency has completed the mining instry chain, including mining machine chip design and development, mining machine proction and sales, mining machine trusteeship, mining field deployment, computing power trusteeship, etc

Ecuadorian currency adopts new technology blockchain and has six characteristics of virtual currency blockchain , which is an important concept of Ecuadorian currency. In essence, it is a decentralized database and the underlying technology of Ecuadorian currency. Blockchain is a series of data blocks generated by using cryptography method. Each data block contains the information of Ecuadorian dollar network transaction, which is used to verify the validity of the information (anti-counterfeiting) and generate the next block. The blockchain is open on the network and can be queried in every offline Ecuadorian Coin Wallet data. The function of Ecuadorian Coin Wallet depends on the confirmation with blockchain. An effective inspection is called a confirmation. Usually, a transaction can only be carried out after obtaining several confirmations. Ecuadorian Coin Wallet uses online confirmation, that is, blockchain data will not be downloaded to device storage

1 complete decentralization : without issuing institutions, it is impossible to manipulate the number of issues. Any external related instries and institutions have no right to close it, and the price of cryptocurrency may fluctuate. The people who own cryptocurrency, and the people who use cryptocurrency to trade and circulate, will never disappear, because it is also a valuable credit currency

2 openness : the system is open, in addition to the private information of the parties to the transaction is encrypted, the data of the blockchain is open to all, and anyone can query the blockchain data and develop related applications through the open interface, so the information of the whole system is highly transparent

3 autonomy : the blockchain adopts consensus based specifications and Protocols (such as a set of open and transparent algorithms) to enable all nodes in the whole system to exchange data freely and safely in a de trusted environment, so that the trust in "people" is changed into the trust in machines, and any human intervention does not work

4 anonymity : since the exchange between nodes follows a fixed algorithm, their data interaction does not need to be trusted (the program rules in the blockchain will judge whether the activity is effective by themselves), so the counterparties do not need to let the counterparties generate trust by disclosing their identities, which is very helpful for credit accumulation

5 borderless . Cross border and cross-border remittances will go through layers of exchange control agencies, and the transaction records will be recorded by many parties. But if you use cryptocurrency transactions, directly enter the account address, click the mouse, wait for the network to confirm the transaction, a lot of money will pass. It does not go through any control institutions, and will not leave any cross-border transaction records. It is convenient and fast, and the paper currency is incomparable

6 transaction fees : any store using cryptocurrency transactions can save a lot of tax and capital supervision fees. Global circulation is very convenient. It is a very popular currency trading mode for people and merchants all over the world. Ecuador currency 0 transaction fee has an absolute advantage over Alipay, WeChat and other third party payment systems. Scarcity: it is based on the open source code of a group of equations calculated by computers all over the world. It is generated by a large number of calculation processing of computer graphics card, mining machine and CPU, and uses the design of cryptography to ensure the security of all links of currency circulation. The design based on cryptography can make the cryptocurrency only be transferred or paid by the real owner. The quantity of cryptocurrency is different from that of other non cryptocurrencies. The total quantity of cryptocurrency is limited, which has a strong scarcity. Because of this set of equations technology, Ecuadorian currency can completely resist the pressure of inflation, so that people's wealth can be preserved and increased. Because the number of issues is constant, the goods are rare and expensive, and are not controlled by the central bank

3. There are only 50 million Ecuadorian coins in China, which are easy to excavate and have stable investment and appreciation space. There is no issuing institution for decentralized encrypted digital currency. It does not belong to any indivial, institution, bank or country, so it cannot be shut down. The Ecuadorian currency miner is mining 24 hours a day, The extracted Ecuadorian currency can be traded through the trading platform to obtain income, and finally be recognized by all nodes and get Ecuadorian currency. Mining is the only way to issue new currency, which plays an important role in issuing new currency, maintaining the payment function of Ecuadorian currency and protecting the security of the system.

4. It's legal. Ecuadorian currency is a new crypto payment system and a secure crypto digital currency issued by the Central Bank of Ecuador government. It is a kind of currency that has been circulated and used by Ecuadorian citizens, supermarkets, banks and other major consumer markets. It is a decentralized point-to-point network, supported by users, without the need for central institutions or intermediaries. From the user's point of view, Ecuadorian money is like money on the Internet. Ecuadorian currency is the first to implement the concept of "cryptocurrency". This concept combines the advantages of (bitcoin, Leyte coin) and proposes the idea of a new type of currency. It also uses cryptography to control the generation and trading of currency, rather than through central institutions. The merit value of Ecuadorian currency, the freedom of payment: at any time in all parts of the world to send and receive any amount of Ecuadorian currency immediately. It is not affected by bank holidays, nor restricted by national boundaries, nor any compulsory restrictions. Ecuadorian currency gives its users complete control over their virtual currency. There is no service charge for Ecuadorian dollar payment transfer, and merchants will not charge service charge for shopping payment in the future. In addition, point-to-point transactions can be carried out to convert Ecuadorian currency into legal tender and deposit the funds directly into the bank account of the merchant every day. Because these services are initiated by Ecuadorian dollars,

5. Hello, there are a lot of coins in circulation in Ecuador, a few yuan each. If your coin is an early coin, its price will be much higher. It's better to have a picture. I'll help you to have a look.

6. Ecuadorian currency is supervised by the Central Bank of Ecuador. There is a lot of good news about Ecuadorian currency. Since then, Ecuadorian currency has officially entered our world and our lives in early September. Many institutional investors, consumers and financial management classes are all ready to meet the new proct of this century Ecuadorian currency. In terms of the popularity of Ecuadorian currency, For fans, it's not like participating in a rush to buy a proct, it's more like participating in a battle for Ecuadorian currency. As far as virtual money market is concerned, Ecuadorian currency is bound to be a new legend. It is expected to surpass bitcoin. Ecuadorian currency is issued by the Central Bank of Ecuador government. It is a new crypto payment system and a secure crypto digital currency. It is a kind of currency that has been circulated and used by Ecuadorian citizens, supermarkets, banks and other major consumer markets. It is a decentralized point-to-point network, supported by users, without the need for central institutions or intermediaries. From the user's point of view, Ecuadorian money is like money on the Internet. Ecuadorian currency is the first to implement the concept of "cryptocurrency". This concept combines the advantages of (bitcoin, Leyte coin) and proposes the idea of a new type of currency. It also uses cryptography to control the generation and trading of currency, rather than through central institutions.

7.

In 1999, the exchange rate between Ecuador Sucre and the US dollar depreciated by 67%, reaching 25000 Sucre to the US dollar on January 7, 2000. Two days later, President Hamil mawade announced that Ecuador would use the US dollar as its official currency. The US dollar officially became Ecuador's legal tender on March 13, 2000, and Sucre officially stopped circulation on September 11 of that year

before March 30, 2001, the Central Bank of Ecuador can use Sucre to convert into US dollars, and the exchange rate is 1 US dollar = 25000 Sucre

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extended information:

the US dollar is commonly used in the world, and the countries with us dollar as their main currency are:

(1) the United States (including Puerto Rico, Northern Mariana Islands, Virgin Islands, American Samoa, Guam, American Pacific outlying islands, etc.)

(2) El Salvador

(3) Panama (circulation of US dollars, issuance of US dollar equivalent currency Panamanian Balboa)

(4) Ecuador

(5) East Timor (circulation of US dollars, issuance of US dollar equivalent coins)

(6) Marshall Islands

(7) Federated States of Micronesia

(8) Palau

8. Ecuadorian: RMB = 8:25000

9. Your question is very simple. As early as 2001, Ecuadorian currency "Sucre" has been out of use. At present, the currency used in the country is the US dollar. So this question doesn't hold.