What is the cryptocurrency simplified and easy explanation?

Encrypted Currency or Cryptocurrency is a form of digital money that is designed to be secure, and in many cases, unknown to the sender and receiver (i.e. unknown sender and money sent). A currency associated with encrypted Internet (such as encrypted email), the process of converting readable information into the non-intrusive code, and purchases and transfers cannot be traced. Cryptography emerged with the need for safe communication in World War II. The digital age has evolved with elements of mathematical theory and computer science to become a means of securing communication, information, and money online.

The first encrypted currency or cryptocurrency that helped the emergence of the term "Cryptocurrency" was Bitcoin created in 2009 and is still the most famous. There has been a proliferation of other coded currencies in the past decade, now there is more than 1000 cryptocurrency available on the Internet.

How does Cryptocurrency work?

Cryptocurrencies are used as a decentralized technology to allow users to make secure payments and store money without the need to use their names or go to banks to make remittances. The encrypted currency operates on a general bond book distributor called the Blockchain, a record of all transactions that have been updated and held by currency holders from the beginning of currency transfers.

Cryptocurrency units are created through a process called mining, which involves the use of computer power to solve complex mathematical problems that generate value in a binary that is equal to money. Users can also purchase currencies from brokers (the currency buyer is not the currency of the miner but the owner of the currency, while the currency miner is the currency that documents the conversions by the owner of the encrypted digital aunt), also exchange and store the currency remains on the retained encrypted mainly its main software is Block chain (For example, when Bitcoin first appeared, the program should have been loaded and loaded on the computers and connected to the Internet ... now there is an online wallet of encrypted currency).

Cryptocurrency and the applications of Blockchain technology are still in their first childish childhood financially, and the revolution that this technology is experiencing is much expected in the local, digital and encrypted industry. As we will be able to deal with transactions including bonds, stocks, and other financial assets are using technology. (Encoding everything - (asset encoding))

Why use the cryptocurrency:-

The Cryptocurrency is known to provide a safe level of detection and anonymity. It cannot synchronize, reverse or falsify transactions. Encrypted currency also does not require high fees, even if you are to set them as far as possible in the world (even if the satellite is connected to Earth and Moon), making it more reliable than the conventional currency. Its decentralized nature means that it is available to all, and cannot be controlled or controlled (even by governments). Also opening an account for encrypted currency does not require a central bank.

As a new form of money, what is traded in the encoded currency market is that investing a small amount now can amount to a large amount overnight. But the same thing works in another way. People looking to invest in encrypted currencies should be aware of market volatility and the risks they take when buying.

Because of the anonymity level provided by the cryptocurrency blockchain, cryptocurrency is often associated with illegal activities, especially on the dark Internet. Users should be cautious when choosing to buy currencies.

What is the most popular cryptocurrency?

Bitcoin:-

Bitcoin is the first digital encrypted currency and the most traded so far. The coin was developed by (Satoshi Nakamoto in 2009, a character or organization, an unknown institution) developed by Blockchain. With a market value of about US $ 201 billion as of late 2017.

Ethereum:-

Founded in 2015, ETH is the currency symbol used in ethereum Blockchain, the second digitized digital currency encoded the value. Ethereum has a market value of about $ 29 billion as of late 2017. However, the ethereum has a turbulent flight. After a major breakthrough in 2016 split and which was valued to two currencies, while in recent months worth 400.

Bitcoin Cash:-

The currency split from the original Bitcoin in August 2017, a currency that contributed to the acceleration of transactions and transfers in the decryption of the block for both (Bitcoin and Bitcoin Cash) price reached up to $ 800 in the past months and now is $1300, the market value so far reached more than 5 billion dollars.

Litecoin:-

This currency is the most similar to the Bitcoin, but quickly moved in value and developed new innovations, including payments and rapid conversion processes for many transactions. The total value of the Litecoin currency is about $ 3 billion.