What is Cryptocurrency?

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This could be the question of the year. maybe for the future as well. Everyone is talking about Cryptocurrencies. Everyone is keen to know about it. But only a handful of people really know about it.

Decoding Cryptocurrency

Cryptocurrency, as the name suggests, is a secret or hidden currency which exist in the record called public ledger, just like bank passbook. It cannot be physically touched or felt, but can only be used for online transactions, that is making and receiving online payments. Cryptocurrency is stored in the digital wallets that use cryptography for security.

Cryptography is the study and practice of techniques and tools to communicate confidentially in the presence of the third party using the code language that only those people know, to whom the codes have been informed, this technique of securing the information to be passed is known as Encryption.

Transactional Properties of Cryptocurrency are:

Irreversible, pseudonymous, Fast and Global, Secure

Some of the examples of Bitcoin are:

1.Bitcoin

2.Litecoin

3.Monero

4.Ripple

“In the next few years, we are going to see national governments take large steps towards instituting a cashless society where people transact using centralized digital currencies. Simultaneously, the decentralized cryptocurrencies – that some even view as harder money – will see increased use from all sectors.” – Caleb Chen London Trust Media

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