What is Cryptocurrency?

What is Cryptocurrency?
Question this year. Of course it is a question from previous years too. Maybe for the coming years too. Yes, everyone asks here and there about Cryptocurrency. Everyone wants to know it. But only a handful of people know about it and that is the power to change the current system of conducting monetary transactions. Like if WhatsAPP is a blow to text messaging, Cryptocurrency is a blow to the Fiat Currency.
Decoding Cryptocurrency?
A Cryptocurrency, as the name suggests, is a secret / hidden currency in a note called a general ledger, such as a balance in your bank account passbook, talk time on your cellphone, DTH, etc.
It cannot be seen or felt physically, but is used for online transactions, making and receiving payments, such as internet banking.
Cryptocurrency is a digital or virtual currency that uses cryptography for security.
Cryptography or cryptology is the study and practice of techniques to communicate safely in the presence of third parties. By using a code language that is only known to those people, to whom the codes are informed, the security technique of the information to be conveyed is known as Encryption.

Just like the code language used in James Bond, Mission films are Impossible !!!!
More specifically, cryptography is about making code for data, which prevents third parties or the public from reading private messages.
Difference between Cryptocurrency and Fiat (traditional) Currency:
Cryptocurrency is usually in digital form, not like physical fiat currencies.
Another difference, which is one of the most decisive features of cryptocurrency, is that it is decentralized. This means that there is no government or bank that controls it. It has its own value and is based on demand and supply for that on the market. Just like gold, it has its own value.
Again, different from Fiat Currency in a very large way.
So, if there is no government or bank that controls it, how can it happen ??? A big question that definitely forces you to scratch your head, isn't it ??
The first decentralized cryptocurrency, Bitcoin, was created in 2009 by an individual or group known as Satoshi Nakamoto. It uses SHA-256, cryptographic hash function, as a proof of work scheme.
Another cryptocurrency, follows Bitcoin and appears more or less in a way similar to it, with some changes, to differentiate and compete with each other.
So now, I'm sure you might be clear with the Cryptcurrency concept to a certain extent. You may have some doubts, but still the name Cryptocurrency bird is now known to you. After reading the information above, you might be fascinated by this new thing that will drastically change the future of money. Well, you are not alone! Cryptocurrency is increasingly popular and even accepted as big-name payments, such as Microsoft, Wordprss, Overstock.com, Expedia, etc. (Click here to see a list of companies that accept Bitcoin)
Until now, more than 700 crypto currencies have been traded on the market, but only a few of them have gained popularity. Bitcoin, is the most popular cryptocurrency like now.
Click here to see a list of several crypto currencies.
For more updates on Cryptocurrency, visit our Cryptocurrency Section.
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