A cryptocurrency is a digital or virtual currency used as a medium of exchange. This is a digital asset that you can use to buy things. In this post we will tell you what is cryptocurrency? So what is cryptocurrency?
What is cryptocurrency?
Cryptocurrency is a form of payment that you can use to buy goods and services online. The same way cryptocurrency is used for exchanging goods, services like Rupee, Dollar, Euro is also used as a currency.
This currency is secured through cryptography. Cryptocurrency uses cryptographical functions for financial transactions. It maintains decentralization, transparency, and immunity through blockchain technology.
Due to the decentralized nature of blockchain technology, cryptocurrency is not controlled by the government. This is because its value cannot be regulated.
The most important feature of cryptocurrency is that it is not controlled by any central authority.
Cryptocurrency can be sent directly between two parties using private and public keys.
Today cryptocurrency is widely known in the entire world. To know how cryptocurrency works.
How does cryptocurrency work?
Cryptocurrency transactions between logos are done using “cryptocurrency wallets” software. The person using the transaction uses wallet software to transfer their balance from one account (AKA to a public address) to another account. An account-related password (AKA is a private key) is required to transfer funds.
The transaction between the logos is encrypted and then transmitted over the network using the cryptocurrency. And is added to the queue to be added to the public ledger (record-keeping system).
The transaction is then recorded on a public ledger through the "mining" process. All cryptocurrency users have access to the pass ladder if they choose access.
Here per transaction amounts are public but who sent the transaction is encrypted. Each transaction is accompanied by a unique key set.
Anyone who manages this set of keys becomes the owner of the amount of cryptocurrency related to that key, just as the owner of a bank account owns whatever money is in that account.
Too many transactions are added to the ladder. Miners add sequentially to these blocks of transactions. This is why the technology of ledger and its piche is called "block" "chain". This is a "chain" of "blocks" of transactions.
Cryptocurrency Ke Advantages aur Disadvantages.
Advantages.
It is easy to transfer cryptocurrency directly from any third party (bank) to the back of the logo.
It is secured with the help of public keys and private keys, which makes it very secure.
The isme transaction fee is also very low compared to other payment options.
Disadvantages.
Difficult to understand. Cryptocurrencies are new and the logo is not well known. Log without proper knowledge can sink your money by investing in it.
Lack of knowledge
The logo does not know how the cryptocurrency does it and thus opens the way for hackers.
Not accepted widely
Most websites and companies do not currently accept digital currency. Many countries have legalized its use. Therefore it is not ideal for everyday use.
You can lose your wallet
You just have to be more discriminating with the help you render toward other people. Once you lose your cons, you can't get it back.
No reverse payment
If you make a payment to Mistake, you have no option but to reverse the payment.
I hope you find this article cryptocurrency informative. If you have any questions you can ask us in the comments section.