What is Cryptocurrency & why do we use Cryptocurrency?

Cryptocurrency like Bitcoin, Ripple etc. has been a hot topic of discussion, government, and the general public for a while now, it is similar to the currencies like the dollar and the euro, it gets value and allows you to buy, but also because it was created and used Is done because it is quite different

Before that cryptocurrency, but how much do you actually know about it? Is CryptCurrency Really? This word has created confusion for many people, and it can be difficult to understand the world of digital currencies.

In the hope of clearing some confusion, we have prepared a small guide on Cryptocurrency that will give you basic information, how it is made, and what its benefits are.

What is Cryptocurrency?

The simplest description is that cryptocurrency is a form of digital money that allows you to shop online. Unlike regular currencies, they only live online and are not supported by banks or governments or they have advantages and drawbacks, which we will talk later

Cryptocurrency are decentralized and run by a network of computers instead of a person or company. You have a money stored in digital wallet, you can stay in cloud or offline on a PC and send it to a computer or a smartphone such as a mobile device. Can. Each transaction is entered in a blockchain which is publicly available for all currency holders.

What is mining?

Cryptocurrency is produced through mining, which tries to solve a complex puzzle.

Firstly, the winner gets some special cryptocurrency to solve the hash from all over the world, which is mined. The process requires special hardware that works around the clock.

The only way to get cryptocurrency is not mining, however. The easiest way is to buy them on the online markets using your local currency, where you can sell them to other users as well. Like stock and gold, for example, the price of cryptocurrency is determined on the basis of supply and demand and fluctuates all the time.

The most expensive is a bitcoin, which spends around $ 14,331 at the time of writing. Its price has increased significantly in its years. Back when it was first introduced, you can get one for only a few cents.

Advantages and drawbacks of cryptocurrencies

One of the main advantages of cryptocurrency is that they provide names and impressions, however, while sending and receiving payments you can not share your personal information with full name, address and so forth.

Critical genius among criminal organizations are popular
As you can imagine, as well as its drawbacks are also among the criminal organizations that are popular among the cryptocurrency. This is one reason why the government is not a big fan and wants to set up cryptocurrency in a more transparent manner. Their popularity is known as a major factor for the increase in value we saw in recent years.

Occupying the business with cryptocurrencies is also cheap. Although some fees may apply, they are small and possibly charged by banks and other financial institutions. Additionally, cryptocurrencies can not be counterfeit, unlike physical currencies

The security of your currency can also be a potential defect. You have the money stored in digital wallet which can be saved in the cloud, which means that someone can hack into your account and steal it. The second option is to store the computer offline, for example, where you run the risk of losing it, if your device stops working or stolen

You also have to keep in mind that all transactions are irrevocable and there is no mediation service or inspection, where you can complain. What does this mean that you are doing business online with unscrupulous retailers and later you do not get the stuff, it is not in the case of other payment methods like credit card where fraud charges can be refunded.

Biggest cryptocurrencies you should know

Bitcoin is the largest and most famous cryptocurrency. It has been nominated by the surname Satoshi Nakamoto in 2009. However, this is not the only one, because about 1,000 of them were selected.

Below are some cryptocurrencies names:

  1. Bitcoin
  2. Ethereum
  3. Bitcoin Cash
  4. Ripple
  5. Bitcoin Gold
  6. Litecoin
  7. Dash
  8. IOTA
  9. Ethereum Classic
  10. Monero
  11. NEO
  12. NEM
  13. Cordano
  14. EOS
  15. Stellar Lumens
  16. QTUM
  17. ZCash
  18. OmiseGO
  19. Lisk
  20. HShare
  21. Tether
  22. BitConnect
  23. Waves
  24. Stratis
  25. Populous

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4 comments

  1. Hi

    I have sent you a message via your website but I got an email back saying the message was not delivered. So here goes again. It would be fab if you could confirm receipt.

    I would like to contribute a very comprehensive guide to cryptocurrencies consisting of 7 chapters to your blog (feel free to publish it). I have written this guide over the last 3 months (with the help of a lot of coffee!) on the basis of my experience in cryptocurrencies and I hope that it will serve to educate the cryptocurrency community. I was really astounded by the lack of comprehensive and accurate guides on cryptos so I decided to cobble together an ultimate guide to cryptos. Hopefully, your readers will find it useful.

    I have saved the word documents on my G-Drive which you can access from here:

    https://drive.google.com/drive/folders/14CwRSKxZWmX00shUsPBGsF2wfEujolkE?usp=sharing

    I am very sorry but I did not have the time to collect some images so please feel free to add some of your own. The guide is in two parts so you may want to publish the articles under two blog posts for the sake of brevity.

    I would like to start my own crypto blog but I simply do not have the time. Maybe later in the future 🙂

    If you like the guide, I could write a few more up as and when I get some free time: it is crazy-busy at work after the new year and the festivities.

    Have an awesome day!

    Regards
    Tony

    1. Thanks Tony, and we are very sorry for the inconvenience. I’ve checked your drive link, it shows a 404 error. Please help improve information about crypto currency, which we can reach as many people as possible. thanks again.

  2. I want to apply for some vac schemes with law firms and was wondering whether anyone knows the deadline for Clintons vac scheme? Some students on the latestlawjobs.com website informed me that I may find some lawyers on this forum. Thanks

  3. Hi! So, I heard some really fascinating news in the cryptocurrency space . A great deal of people in cryptocurrency communities have published that a new crypto coin is being developed and, it is collectively backed by the best law firms in the USA and the UK :-RRB- Allegedly, its name is LAWesome cryptocurrency coin. I would honestly appreciate If anybody involved in cryptocurrency could share the current intelligence on this coin. I would especially, like to purchase this coin in the course of the ICO and participate in the bounty hunt to obtain some free coins also. However, there is an insufficiency of information on this coin as I think that it is a being kept hush hush. It is pretty interesting that the law firms are making such a strong entry into the cryptocurrency field! This interesting move will undoubtedly offer the cryptocurrency more soundness and confidence.

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