Everything About Cryptocurrency: Bitcoin , Etherum , Litecoin , Dogecoin , etc....
Cryptocurrency in simple world is just a digital currency which in actual does not exist but have some value which is equivalent to the real world money. First of all let me clear you that in real world also the currency/money we use is also just a paper or coin in which there is the sign of governor who promises that in real that paper/coin have as much value that is written in that means if there is written 100 means that coin have value of 100 .
The world in past used exchange system to get their own needs and things for example if a person needed rice then he exchange something he had let assume grains to get rice. Later that system changes and the concept of money developed. But in actual or real world money there is involvement of government/Banks. But in cryptocurrency there is no involvement of government or banks. Only two people who send and receive cryptocurrency are involved as main.
Although relatively new to the world of finance, cryptocurrencies have quickly found a loyal following. Some of the businesses that are increasingly accepting cryptocurrency as a payment method include: Employees and contractors, Startups, Consumers, Professional services, etc.
There are various of the crypto currencies in the world available. Some of them do fast transactions while some of them are slow. Some of the famous crypto currency includes: Bitcoin , Ethereum, Dogecoin, Litecoin, Ripple, Bitcoin Cash, etc.
Cryptocurrency is a powerful way to store and distribute value. Through cryptocurrencies like Bitcoin, Ethereum , Ripple, etc. you can quickly and cheaply make payments across the world and with no single entity in control.
In general, cryptocurrency offers more flexibility and freedom to people, compared with traditional finance or called Currency/Money. I fully believe it will be an important part of our future .The only challenge is accepting cryptocurrency as a payment method is making it easy to pay without delay as it consume time minimal of approximately 5-10 minutes but sometimes faster than that.
If you’re interested in storing your cryptocurrency or putting cryptocurrencies to use in some way, you’ll need to use a cryptocurrency exchanger. Cryptocurrency exchanges are websites or services that allow you to buy, sell, store and spend cryptocurrency. There are many websites which store Cryptocurrencies such as: Coinbase , Kraken, Bitstamp and Bitfinex, Payeer, and many more. But among them all most trusted is found to be Coinbase.
Mining of the crypto currency means to generate crypto currencies. Since Crypto currencies are digital currency , they are generated through mining on Miners which consists of Hardware and requires electricity. Mining process includes various Programs which are already set in the miner to mine crypto currencies.
The amount of Crypto Currency to be mined is fixed. For example Bitcoin can only be mined upto 21 Million . It cost big amount of money in order to buy Crypto Miner machine as they are very expensive. It also require large amount of electricity to mine in the miner machine.
Cryptocurrency works on Blockchain system. In this system many of the computers are connected with each other and records the transactions . Suppose you send bitcoin equivalent to $50 from your btc wallet to Someone`s btc wallet . For this you send to their btc address, that transaction goes to blockchain system and from their the transaction records are separated among the computers and no any single computer have complete information about that transaction. Your amount of btc gets verified and sent to the btc address in which you sent money. No one can know the person behind BTC Address.