lately wanted to know what cryptocurrency was ,so I am sharing the information with you
Cryptocurrencies, sometimes referred to as cryptocurrencies or crypto, are any form of currency that exists digitally or virtually and uses cryptography to protect transactions. Cryptocurrencies do not have a central issue or regulatory agency and instead use a distributed system to record transactions and issue new units.
So What is it?
Cryptocurrency is a bank-independent digital payment system for transaction verification. This is a peer-to-peer system that allows anyone to send and receive payments anywhere. Cryptocurrency payments, rather than physical money carried and exchanged in the real world, simply exist as a digital entry in an online database that describes a particular transaction. Cryptocurrencies are stored in your digital wallet. The
cryptocurrency was named because it uses encryption to validate transactions and the The purpose of this encryption is to provide security and protection.
The first cryptocurrency was Bitcoin. It was created in 2009 and is the most famous to date. Much of the interest in cryptocurrencies is in exchange for profits, and speculators may raise prices.
How it WORKS?
Cryptocurrencies run in a decentralized public ledger called the blockchain. This is a record of all transactions updated and maintained by currency holders.
units of cryptocurrency are created through a process called mining that uses the power of computers to solve complex mathematical problems that generate coins. Users can also buy currencies from brokers and use cryptographic wallets to store and use them.
If you own a cryptocurrency, you don’t own anything concrete. What you have is the key that allows you to transfer records and measurements from one person to another without a trusted third party. Although
Bitcoin has been around since 2009, cryptocurrency and blockchain technology applications are still growing on a monetary basis, with more applications expected in the future. Transactions such as bonds, stocks and other financial assets may eventually be traded using this technology.
Famous Cryptocurrencies
- Bitocoin
- Etherium
- Litecoin
- Ripple
Safety Tips for Investing
- Research Exchanges
- Store your Digital Currency i.e. Digital Wallet
- Invest in a Variety of Currencies
- Expect drops and fatal loss
Reema Got iT 