Story of Cryptocurrency

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What is cryptocurrency?

Is it useful and trustworthy?

Is it safe to use?

What is the technology involved in cryptocurrency?


Cryptocurrency: It is a digital currency that works under a decentralized system using cryptography, not by banks.

Let's see some of the cryptocurrencies:

Bitcoin

              Dogecoin

Etherium

Litecoin

Cryptocurrency is very safe and can't steal by anyone. The reason behind this is blockchain technology.

Blockchain technology: The transactions are stored in blocks and when the block is full next block is created. Like this various blocks are created by having links with each other. It has a high standard encryption algorithm.

Why it is safe!!!! 
If any hacker enters into one block if he changes the data in that block. This causes disturbance with connected blocks through this miner (who verifies transactions) can identify something happens. so that they can correct it. This chain can be visible to many so that transactions can also be monitor by many people. So there is no chance to cheat or hack.


Transactions are monitoring by many people who are in the blockchain networks. There will be no information on who is present in that network to contact. This is safe and trustworthy.

The need for cryptocurrency:
Let's take an example if we want to transact money there will be a medium between sender and receiver.
Our transactions are under their control. We can observe server problems when there is a problem in the bank.
But for cryptocurrency, there will be no 3rd party between sender and receiver. It is a peer-to-peer transaction.

Nowadays importance of cryptocurrency has been increased a lot. As trading in the share market, there is trading in cryptocurrency.

Bitcoin is in high demand. When it is created its value is Rs.12 but now it increased to Rs.34 lakhs approx. Demand is high due to limited availability. There are only 21 million bitcoins.

     

"If you don't believe it or don't get it, I don't have the time to try to convince you, sorry."  
-- Satoshi Nakamoto(creator of Bitcoin)



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