What is Cryptocurrency

What is Cryptocurrency mean?

A cryptocurrency is a form of digital currency, whereas it uses encryption to process, generate the money and to verify the transactions. The transactions have been added immediately to a public account or ledger, called and considered as Transaction BlockChain. The new coins were created by the process of mining.

Currently, cryptocurrency has been made and used as an alternative way to the traditional way of decentralization of the fiat currencies most especially in the United States of America.

How do you get Cryptocurrency?

This is very simple. You just need to mine it, whereas goods and services have been traded. The cryptocurrency can also be traded if you need to exchange, and it also bought by the brokers by means of using dollars.

What is a cryptocurrency address?

There is a unique string of characters that are used to receive a cryptocurrency. Every and each public address has its own matched private address proof as to your ownership. This address is called Bitcoin.

The Bitcoin is the first blockchain-based wherein it still remains as the most trusted and valuable. In recent years, thousands of alternative cryptocurrencies have been exploded with different functions and specifications for the public. Some of them are outlet of Bitcoin, while others are forks.

What worries your clients about cryptocurrency?

A cryptocurrency is a form of systems that allow security of the payments in any online transactions whereas denominated when it comes to virtual “token” referring ledger or public account entries in internal system itself.  

“Crypto” talks about the different encryption algorithms and cryptographic abilities like elliptical encryption, hashing functions, and private-public key pairs they are all employed within.

Bitcoin was the first based on cryptocurrency that paid attention to the public. It was launched in 2009, under pseudonym, Satoshi Nakamoto. February 2019 it has over 20 million bitcoins circulated, having a total market value of $70 billion even the market value of bitcoin has quietly fluctuated. It already spawned various competitors such as altcoins. They are known as Litecoin, Namecoin, and Peercoin. Recently, there are thousands of cryptocurrencies are existing with at least had an aggregate market value of $120 billion, wherein Bitcoins placed 50% among the total value.

Cryptocurrency unlocked a plethora of innovative technological opportunities.

  1. IRREVERSIBLE

When all the transactions have been made, it can never be reversed. If your money already sent, it’s a sent even it was sent you to a scammer you don’t have any net or can recourse either. The transactions are considered as immutable and unforgiving for your secure entries. There is no centralized authority or government you could lean on, once money has been spent, it’s spent.

  •  PSEUDONYMOUS

In other words, your account and transaction are fictitious. They are not connected to a world identity nor the same. The Bitcoin’s address consists of 20 mixed letters and number characters. It can easily track each and every transaction, but your Bitcoins address has never been tied in real world identity.

  • FAST AND GLOBAL

Your transactions can be done in just a couple of minutes. It is very fast in sending money wherever and whatever the modes are. Like if you are sending across the door or in any place, the transaction’s time is always the same.

  •  SECURE

The cryptocurrency was locked through a public key cryptography, whereas only the owner knew the private key attached and can send them.

  • PERMISSIONLESS

In every transaction, you don’t need permission or ask anyone to use cryptocurrency. All you need to do is to download it for free, install, and send a money.