Hey there,
I'm a newbie and I have some questions about all of these weird currencies. I hope I find a legit answer!
How are these currencies created?
What makes them more valuable? (ex. why is the BTC price is $2700 while other currencies is $0.xx)
How are they generated? (ex. if they're generated from the mining process doesn't that make them worthless? because they literally came from nothing and they're nothing but just numbers in your wallet and it also means that the owner of that currency can generate coins into his wallet for free, doesn't it?)
What are these encrypted hashes used for?
Is it legal?
What do you think about the future of the crypto-currencies?
1) Usually through an algorithm that does calculations to determine how much you should get "paid"
2) How much people are willing to pay for them, this is based on a number of factors such as application (how they're used), popularity etc.
3) How do you think real world currency is created? What makes a $1 bill worth a dollar? Isn't it surely just worth the paper it's printed on? Same scenario.
4) What encrypted hashes?
5) Yes, as long as you don't use the coins for bad things.
6) The future and we're only just getting started.