In our ancient period, the “CAVEMAN” used the barter system. World currency is a very important part of our lives. Here the barter system involves goods and services being exchanged among each other.
The caveman exchanges their fruits like 7 Bananas and they exchange it and they get 7 pineapples.
Now the time barter system fell out of use because it had some glaring flaws.
The flaws like:
1. People’s requirements need to coincide.
2.There’s no common measure of value
3.Goods cannot be transported easily.
From 1680–1980 the paper currency was widespread and it was used across the world. Here the online payment was controlled by banks and governments so this is called “centralized”.
HOW CRYPTOCURRENCY USED:
Imagine that two people want to send money to her friend who had paid for lunch yesterday. So they transfer the amount by using an online transaction. Here they raised many technical issues in a “BANK” account.
The user account could have gotten hacked by the hacker.
Transfer account limits are exceeded.
Now the transaction processing is done the payment is received and transferred and also it removes all the problems and there is no limit for this transaction here it cannot be hacked and there’s no central party.
In 2018 more than 1600 cryptocurrencies are available at this time popular coins like BITCOIN and LITECOIN.
Now considering how much growth they are having in these currencies.
“WHAT EXACTLY CRYPTOCURRENCY IS”:
“A cryptocurrency is a digital or virtual currency. It means to be a medium of exchange nowadays it’s just similar to the real-world currency”.
But it does not have physical embodiment it also uses cryptography. It can easily verify the transfer of funds. Now the hashing algorithm makes bitcoin and it is very easy for users.
The central authority works in a decentralized manner.
1.There little to no transaction cost.
2.24*7 access to money.
3.No limit on purchase and withdrawal.
4.Freedom for anyone to use.
5.International transactions are faster.
“ CRYPTO NAVISTICK AND PRAGUE RAFI” is a method of using encryption and decryption to secure communication in the presence of intermediaries.
Cryptography uses computational algorithms like SHA-256 which is the hashing algorithm that bitcoin uses a public key which is just like a digital identity.
A private key which is a digital signature is used to uniquely identify the user.
The two major cryptocurrencies like
This is a digital currency that is decentralized and works for blockchain technology.
This is the type of currency based on the ethereum network here it uses blockchain technology to create an open-source platform for building a decentralization application.
VIDcon and Ethereum both use a blockchain right now.
It used to send money to someone. This is very similar to a real-life transaction. It takes 10 minutes to perform a transaction. It exits 21 million we are supposed to hit this number by the year 2140.
1 Bit=7768 dollar
Bill Gates AI gore and Richard Branson say that cryptocurrencies are better than regular currencies.