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What is crypto currency ? 5 major concept of cryptocurrency in a easy manner

 Crypto Currency

This name is the most searched word in search engines. Cryptocurrency is nothing but everything. Simply if we have to understand what it is. It is a digital form of currency that everyone decentralizes.






It is actually a digital form of currency where we have no physical matter but we consider its value as a token. We generally know that money is in physical form where we can touch it and make an exchange in the market for buying or selling of goods and services.

 

 CRYPTO – SECRET

 CURRENCY – MEDIUM OF PURCHASE OF GOODS & SERVICES

Here are some of the names of cryptocurrencies

1. BITCOIN

2. RIPPLE

3. ETHEREUM

4. DOGECOIN



Miners

Speech Bubble: Rectangle with Corners Rounded: Fact Cryptocurrencies are limited. One of them is Bitcoin. It is 21 Million which is limited can’t go after that. That mean they are found in limited.Those who are responsible for balancing maintaining and checking the transaction of cryptocurrency through blockchain technology are called miners.

                                                                                                           

 

 

5 Major concepts of Crypto Currency

Basically, I have distinguished money and Currency to make sure that you will know about the concepts of Cryptocurrency.

1.    Money                          v/s                           Currency

a.} It has value and nobody         Government have the authority to control it.

have control over it.             

b.} Government can't fluctuate-     Government can fluctuates its value.

es value.

c} It is limited and has limited resources.    It is unlimited because we can make it. 

d. To acquire it we have to do mining.          We don't have to do mining but we have to collect the

                                                                        resources need to form it. eg paper 


I will give the proper example o it to make it clear.

We can say Gold is like money and the dollar $ is Currency. we know that we have to mine to find Gold. and it is limited in nature. But the dollar is not needed to mine we can make dollars how much we can.

Just like Gold cryptocurrency is Money we have to mine it in a digital form.


2. Centralized                                                                      Decentralized 

   Government control over the currency.                                     Can't control by the government.                                                                                                                   (Bitcoin is  limited )                                          It leads to inflation.                                                                          Its value is stored.

Government can manipulate by printing more                                     Government can't manipulate it 

money.                                                                                                 Bitcoin acts as gold.



       


                                              3.  Fiat currency  

  Not backed by assets 

Runned by Government 


Fact: Zimbabwe ruined their country by printing a lot of money which cause inflation.

 

4. Digital currency                                                                  Physical Currency

a.}  Crypto currencies are totally                                        Form of currency that can be  

based on digital form.                                                           Touched.

 

 

 

                           5. Block Chain

Ø It is one of the safest and most convenient ways to store and run data.

We can say it is the best way to make have an authentic installation in the system. There will not be any kind of proxy thing in the server in the blockchain technology is working in it.




          





When transactions happen all the computers and machines will know about the transaction without any kind of malicious activity.

  Furthermore, I will discuss it in my another Blog

Moreover, I will be talking about the block chain technology .

Stay Tuned for that  (:

                                                                                                                                              H@nsel

 


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