In this current period of 2021, we all will know about the famous “CRYPTOCURRENCY”.
“This is going to be a long sweet article, so let’s make coffee or some snacks as a company while reading this article”.
Here we add some more “crispy knowledge” about the cryptocurrency and also bitcoin, “let dip some cookies and read this article.”
Bitcoin is the first cryptocurrency where it was released by “SATOSHI NAKAMOTO” in 2009, Bitcoin is one of the Cryptocurrency and I will lead you through the excursion of what is “cryptocurrency”.
“Make a Big View About Cryptocurrency”.
“Cryptocurrency” is a digital currency or a virtual currency that is fully secured by “Cryptography”. Here the word crypto is derived from encryption techniques.
“Crypto — Encryption Algorithm
CryptoGraphy — Safeguard Of the Entities”
Hashing Function, Private and Public key, Elliptical Curve Encryption.
Cryptocurrency is fully based on a decentralized system, nowadays 1000 “cryptos” are available in the market and it has a transparent transaction.
IS Fiat Currency a Cryptocurrency?
“Come on Let See it”
Here the fiat currency is established as money and it is governed by the government and is fully centralized. If you want to store your currency you must pay some amount to the banks and also you need permission while you transfer the money across the border.
Examples of Fiat currency:
1.USD(United State Dollar)
What is Bitcoin?
Bitcoin is just equal to the cryptocurrency and has a slight difference and this is the first “Peer-to-peer electronic cash”. It has a decentralized mechanism it is safe to use and fully secured.
Advantages of Cryptocurrency:
1.This is based on the decentralized system so this is the first biggest advantage, here the owners and users also manage their database.
2.There is no hacking in this decentralized method.
3. While you are roaming it allows users to exchange the currency.