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Cryptocurrency Explained Simply. Learn What is Cryptocurrency ?

Learn What is Cryptocurrency ?

Cryptocurrency is a form of digital currency designed to work as a medium of exchange. It is secure and provides high level of anonymity, which means nobody knows how much amount of digital wealth you hold and the transactions cannot be counterfeited or reversed once it is made. Low fees on transactions over any network around the globe makes it more reliable than paper currency issued by the central bank.


What is Cryptocurrency, List of Cryptocurrencies

These cryptocurrencies however can be exchanged for hard cash, services and products in the world market but only very few of them accept cryptocurrency mode of payment as most of the people are new to these technical innovation and have limited knowledge. Majority of them aren't even aware of the cryptocurrencies, even 1 out of 10 people whom i personally know, fail to understand the basic concepts of what is cryptocurrency?


The Value of Cryptocurrency Today And What The Future Holds is not predictable. Luckily small investments made can bring great fortune to some people but the same works the other way. People or Business planning to invest in the BTC, ETH, BCC or any other such digital assets must be aware of the risk posed by hackers and market changes.

The first decentralized cryptocurrency, bitcoin, was created on 8th of January 2009 by pseudonymous developer Satoshi Nakamoto. It used SHA-256, a cryptographic hash function, as its proof-of-work scheme. Since then, numerous cryptocurrencies have been created though few have been successful. They emerged as an alternative to bitcoins and hence are called as "Altcoins". There are more than 1070 cryptocurrencies available over the internet as of 24-08-2017 and new cryptocurrency can be created any time. 

What is Bitcoin? Everything you need to know

Cryptocurrency Explained Simply

Cryptocurrencies let users make secure payments and store money without the need of revealing identity or go through the bank formalities. They run on a distributed public ledger called blockchain, which maintains a record of the complete history of all transactions and the balance of every account. They are not controlled by a government, a bank or any other central institution, but by math. it is more probable that god exists than that a bitcoin address is compromised. All most all cryptocurrencies share a common set of properties.

Irreversible :
After Transaction is confirmed on the Network, you can‘t undo a transaction. No body can revert it. Not you, nor the bank, not the president of your country,  not your miner, not the creator of Bitcoin himself. Once money is sent from your account they are gone. If you were scammed or if a hacker stole them from your computer then they are gone, No one can help you out.

Pseudonymous : 
Neither transactions nor accounts are connected to real world identities, even though many third party applications are using (KYC) Know Your Customer and letting you full access in some parts of the world. It is not necessarily required to connect the real world identity of users with those addresses.

Fast and global : 
It doesn't really matter if you send Bitcoin's to someone nearby you or to someone like me on the other side of the world. Transactions in the network are branched instantly as soon as the payment is made and are confirmed in a couple of minutes.

Secure : 
A Cryptocurrency address is more secure than Fort Knox. Cryptocurrency funds are locked in a public key cryptography system. Only the owner of the private key can spend the available funds.

Permissionless : 
There is no barrior which stops you from using any cryptocuurency. You can send and receive cryptocurrencies by just downloading the software. 

How a Cryptocurrency (BITCOIN) Transaction Works? and How do Miners Create Coins

A cryptocurrency consists of a network of peers with a record. I'ts very simple to understand the cryptocurrency transactions and is same as "Bob and Alice cryptography explanation" 

When a transaction is made it is immediately known by the whole network. But only after a specific amount of time it gets confirmed. Confirmation is a critical concept in cryptocurrencies. You could say that cryptocurrencies are all about confirmations. As long as a transaction is unconfirmed, it is pending and can be forged. When a transaction is confirmed. It is no longer forgeable and can‘t be reversed. 

Only miners can confirm transactions. This is their job in a cryptocurrency-network. They take transactions, stamp them as legit and spread them in the network. After a transaction is confirmed by a miner, every node has to add it to its database. It has become part of the blockchain. For this job, the miners get rewarded with a token of the cryptocurrency based on the computing power used by the miners and this is the only way to create valid Bitcoins.

Here is a List of Most Common Cryptocurrencies

Bitcoin
The first and the most famous traded cryptocurrency till date was developed by an ananomus developer named as Satoshi Nakamoto in 2009. Bitcoin serves as a digital gold standard in the whole cryptocurrency-industry, is used as a global means of payment and is the currency of cyber-crime like dark net markets or ransomware. After eight years in existence, Bitcoin‘s price has increased from zero to more than $4200 and is estimated to grow very high in the coming future.

Ethereum
Developed in 2015, it is the second most popular Crypto. However ethereum has had a turbulent journey. After a major hack in 2016 it split into two currencies, while its value has in recent months reached as high as $400.

Litecoin
Litecoin was one of the first cryptocurrencies after Bitcoin and tagged as the silver to the digital gold bitcoin. Faster than bitcoin, with a larger amount of token and a new mining algorithm, Litecoin was a real innovation, perfectly tailored to be the smaller brother of bitcoin. “It facilitated the emerge of several other cryptocurrencies which used its codebase but made it, even more, lighter“. Examples are Dogecoin or Feathercoin.

Monero
Monero is the most prominent example of the cryptonite algorithm. This algorithm was invented to add the privacy features Bitcoin is missing. Monero‘s popularity peaked in summer 2016 when some darknetmarkets decided to accept it as a currency. This resulted in a steady increase in the price, while the actual usage of Monero seems to remain disappointingly small.

Apart from this there are hundreds of cryptocurrencies in existence. Most of them are just attempts to reach investors and quickly make money.

Cryptocurrency will surely change the world. People all over the world now buy Bitcoins and other digital currency to protect themselves against the devaluation of their national currency. Mostly in the part of Asia, Indian's are adopting to these form of new currency and the price of bitcoin jumped high after Demonetisation,  You can either be a part of it and observe or silently watch it happen.