Cryptocurrency is a form of digital money that is designed to be secure and, in many cases, anonymous. It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency.
The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.
A blockchain carries no transaction cost. (An infrastructure cost yes, but no transaction cost.)
The verified block is added to a chain, which is stored across the net, creating not just a unique record, but a unique record with a unique history. Falsifying a single record would mean falsifying the entire chain in millions of instances. That is virtually impossible.
How Does Blockchain Work?
The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralized version of this information exists for a hacker to corrupt.
Cryptocurrencies are also marked by decentralized control. Cryptocurrencies’ supply and value are controlled by the activities of their users and highly complex protocols built into their governing codes, not the conscious decisions of central banks or other regulatory authorities.
A decade of cryptocurrency
Cryptocurrencies don’t have a central government or middlemen that decide about the future of the system. Cryptocurrencies are almost always designed to be free from government manipulation and control, although as they have grown more popular this foundational aspect of the industry has come under fire.There are more than 2200 cryptocurrencies in the market.
Bitcoin continues to lead the pack of cryptocurrencies, in terms of market capitalization, user base, and popularity.
What can I do with cryptocurrency?
Besides Buying and Selling cryptocurrency you can do the following
- Travel the world
- Donate to cause
- Dine out and many more..
Anyone with a computer and an internet connection can become a miner.
Mining is the process of validating other people’s transactions with a computer and then adding them to the long, public list of all transactions known as the blockchain. In exchange, people get rewarded with cryptocurrency.
Each time a cryptocurrency transaction is made, a cryptocurrency miner is responsible for ensuring the authenticity of information and updating the blockchain with the transaction.