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What is Cryptocurrency?

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Hi, Everyday you are hearing about cryptocurrency and u are not seeing any crypto coins with anybody.

Now, I will explain What is cryptocurrency and how it works.

cryptocurrency:-

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What is crytocurrency?

A cryptocurrency is a medium of exchange like normal currencies such as American Dollars($) and indian Rupees, but designed for the purpose of exchanging digital information through a process made possible by certain principles of cryptography (some also wrote in algorithms). Cryptography is used to secure the transactions and to control the creation of new coins. Now a days there are hundreds of other cryptocurrencies, often referred to as Altcoins.

The first cryptocurrency to be created was Bitcoin back in 2009.Basically technical system on which all cryptocurrencies are based on was created by Satoshi Nakamoto.

And cryptocurrency is a electricity converted into lines of code with the monetary value. cryptocurrency is digital currency,in simple form.Actually cryptocurrencies are mined by miners by using hi-grade computers (which is having high capacity graphic cards).

The government has no control over cryptocurrencies as they are fully decentralized.

Most cryptocurrencies are designed to decrease in production over time like Bitcoin, which creates a market cap on them. Bitcoin will never have more than 21 million coins in circulation(Because it has some cause ,i will explain in another article about this).

These all cryptocurrencies are maintained by a community of cryptocurrency miners ,Actually crytocurrencies are mined by miners by using hi-grade computers (ASIC machines) to work in the validation and processing of transactions.

U can check details about bit coin in my next article.

I wrote details about Cryptocurrencies As per my knowledge

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