All About Cryptocurrency

Technology has changed the way people work, buy, communicate, shop, and even pay for goods. Companies and consumers don’t always use cash payment methods they use online payment services and this behavior is giving way to contactless payment like whats app payment service. To know all about Cryptocurrency stay connected.

Customers can pay for their product price with the help of a digital payment service. Now a new payment service emerges is Cryptocurrency. Cryptocurrency is used to buy many products, or it also uses for trade for profit. To know all about cryptocurrency stay tuned with us.

Hope everyone knows about Bitcoin if you don’t know we will tell you all about Cryptocurrency, it was the first cryptocurrency to go mainstream, but others are also growing in popularity. According to our research, there is more than 2000 different cryptocurrency in the world and more are coming up every day.

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As per Research, most people know what is cryptocurrency but they don’t know detailed information about cryptocurrency, what is it, how to use it, is cryptocurrency is secure, how to use cryptocurrency and where and where to invest cryptocurrency. We will help you to know all about cryptocurrency.

What is Cryptocurrency?

All about Cryptocurrency? Cryptocurrency is a digital or virtual currency that is secured by cryptography technology. It is a digital asset designed to work as a medium exchange wherein individual coin ownership records are stored in a data center that is strongly secured with cryptography and encryption.

All About Cryptocurrency

Cryptocurrency works using technology which is called Blockchain.
Blockchain is a decentralized technology spread across many computers that manage and record transactions. Part of the appeal of this technology is its security

The most important feature of cryptocurrency is it is not controlled by any central authority.

Cryptocurrency is sent directly from the sender which sends cryptocurrency and the receiver receives cryptocurrency with the help of private and public keys. This transaction consumes little amount of fees from the sender and receiver.

Nowadays you will have a hard time finding a major bank, A big firm like banks, companies, a Software firm, and a government that did not research about cryptocurrency.

“Virtual currencies, perhaps most notably Bitcoin, have captured the imagination of some, struck fear among others, and confused the heck out of the rest of us.” – Thomas Carper, US-Senator

How many Cryptocurrencies are there?

There is more than 6700 different cryptocurrency are trading in the market, according to research. The total value of all cryptocurrencies is more than $320 Billion on Sept 2, 2020, according to research. The most popular cryptocurrency is below.

1. Bitcoin (BTC)
2. Litecoin (LTC)
3. Ethereum (ETH)
4. Ripple (XRP)
5. Bitcoin Cash
6. Ethereum Classic
7. Zcash (ZEC)
8. Stellar Lumen (XLM)
9. Bitcoin Satoshi’s Vision (Bitcoin SV)

Top 10 cryptocurrency by market capitalization

What is BlockChain?

A blockchain is a shared digital register of recorded data. For cryptocurrencies, this is the transaction history for every unit of the cryptocurrency, which shows how ownership has changed over time. Blockchain works by recording transactions in ‘blocks’, with new blocks added at the front of the chain.

It offers the best security feature which is not hackable and a normal computer is not able to hack or control it.

Network Consensus

Blockchain data is stored in multiple devices in a worldwide network while storing in a single location. It is very easy to access from any location from any network. This makes it very transparent to both sender and receiver with no week point and hackable or software error.

Cryptography

All blocks are linked with each other with the help of cryptography(complex mathematics and computer science). If any computer disrupts the network is not able to access it.

What is cryptocurrency Mining?

With the help of Cryptocurrency mining transactions is are take place and checked and new blocks are added to the blockchain.

Everybody can be a cryptocurrency miner. It needs some kind of machine system to prevent one ruling party from abusing it. Just Imagine if someone creates thousands of cryptocurrencies or did thousands of cryptocurrency transactions then the system crash immediately.

To avoid a crash of the system Satoshi set the rules the miners need to invest some part of their computer processing power for mining tasks. In fact, they have to find a hash code means cryptography. that connects the new block with its predecessor. This is called proof of work. IN bitcoin it is called the SHA code SHA 256 algorithm.

Checking Transactions

Mining computers select pending transactions from the pool and check to ensure that the sender has sufficient funds to complete the transaction. This process checks the transaction details against the transaction history stored in the blockchain. The second check confirms that the sender authorized the transfer of the funds with the help of public and private keys.

Creating a new block

Mining computers comply with valid transactions into new blocks and attempt to generate the cryptography link to the previous block by finding a solution to a complex algorithm.

Are cryptocurrencies legal?

Yes, they are legal in the United State, though china has banned cryptocurrency in their country and it unlimitedly depends on whether they are legally dependent in each individual country. Be aware of frauds to steal your data.

How to Protect MySelf from fraud in cryptocurrency?

If you are interested to buy cryptocurrency then go through below points-

• Check who owns the company?
• Check are there other major investors?
• Check the authority of the company?
• Check the company documents?
• Check the securities?

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Last Words

It is a digital currency used in many different sectors for payment, deals, trading, and many more thing, it’s all about how we use cryptocurrency.

As we give all about Cryptocurrency information we will suggest you please don’t buy any cryptocurrency before checking with your government.

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