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:
- Bitcoin Cash
- Bitcoin Gold
- Ethereum Classic
- Stellar Lumens
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