Glad to see you all again at my post.
This time of course with a fascinating topic.
Whenever you talk with people, they say cryptocurrency, digital currency, Bitcoin, bla bla bla..
What are they all about? How this gets into the world in recent years? Now this can’t be shirked out…Sounds amazing..
You are not so called a billionaire even if you have trillion dollars in your pocket and spend it physically.
Getting goosebumps on seeing this!!!
What is a cryptocurrency?
CRYPTOCURRENCY- The Dawn Of New Economy.
Whenever you think of this word, comes to our mind is Bitcoin. It was discovered by satoshi nakamoto in late 2008. He said it is a “peer to peer electronic cash system”.
I think you are following me…
Its personal and you don’t need a bank or a third party for this transactions.
But this sounds normal and I don’t think there is big deal in it.
If so, then I might not have taken this topic.
Every digital cash system is centralized. I just wanna make you clear here. For every digital payment you make, you need to pay certain percentage of tax to the third party and in some payment mode, you need to pay the actual amount you transact as a tax.
Bitcoin is decentralized.
A peer to peer transaction and you don’t need to pay any third parties.
What about the proof for the transaction?
Yes, I’ll tell you..
Let‘s have a look at the mechanism ruling the databases of cryptocurrencies. A cryptocurrency like Bitcoin consists of a network of peers. Every peer has a record of the complete history of all transactions and thus of the balance of every account.
Looks simple !!
What is more important in this system?
Once a sender sends the coins, the receiver has to confirm the transaction. Only then the transaction will be confirmed. You could say that cryptocurrencies are all about confirmation.
As long as a transaction is unconfirmed, it is pending and can be forged. When a transaction is confirmed, it is set in stone. It is no longer forgeable, it can‘t be reversed, it is part of an immutable record of historical transactions: of the so-called blockchain.
5 Factors about Cryptocurrency:
Permissionless and Open source: There is no gatekeeper.
Fast and global: It doesn‘t matter if I send Bitcoin to my neighbour or to someone on the other side of the world.
Secure: A Bitcoin address is more secure than Fort Knox.
Irreversible : Once paid cannot be reversed. So, send carefully lol..
Pseudonymous : Owners of cryptocurrency keep their digital coins in an encrypted digital wallet. A coin-holder’s identification is stored in an encrypted address that they have control over – it is not attached to a person’s identity.
I have shared my general description about cryptocurrency and their factors. You can share your views and we are here to implement with your website.
How cool is this?
Don’t wait. World is ahead..
Park your point and step up with us.
See you soon with an interesting blog.
With all bliss,