what is cryptocurrency?
Cryptocurrency is something everyone wants to talk about these days but most people don't know what it is. Today I'm going to explain cryptocurrency for you in this small post. Let's get started.
Cryptocurrency is a decentralized digital or virtual currency.
Cryptocurrency is quite similar to real-world currency but it has no physical embodiment like other currencies. Cryptocurrency can be exchanged online for goods and services you may have heard of some popular cryptocurrencies like bitcoin and ethereum. But there are more than 10,000 different cryptocurrencies in circulation.
According to coin lore you can buy or sell cryptocurrencies through cryptocurrency exchanges or peer-to-peer. Some popular cryptocurrency exchanges are coinbase binance and kraken etc.
How does cryptocurrency works?
Now let's talk about how does cryptocurrency work.
A cryptocurrency is a medium of exchange that is digital encrypted and decentralized unlike any other currencies in the world like the us dollar or the euro.
There is no central authority that manages and maintains the value of a cryptocurrency. Instead these tasks are broadly distributed among a cryptocurrency's users via the internet. Bitcoin was the first cryptocurrency. It was invented by satoshi nakamoto in 2008.
Nakamoto describes the project as an electronic payment system based on cryptographic proof instead of trust. That cryptographic proof comes in the form of transactions that are verified and recorded in a form of a program called a blockchain.
A blockchain is an open distributed letter that records transactions in code.
I hope this post helped you understand what cryptocurrency is. Check out more posts about cryptocurrencies. Thank you..
Read more: What happens if 1 dollar equals 1 rupee? History of Indian rupee {alertInfo}