Steemit Crypto Academy Season-4 Beginners Course - Task 5: Bitcoin, Cryptocurrency, Public Chains for @stream4u
What is Cryptocurrency?
b) What is Cryptography and how does it make cryptocurrencies secure?
c) Explore the Steem Genesis Block and Sign in as proof of completion.
What is Cryptocurrency?
Cryptocurrency is a digital and a virtual currency. It is transparent and we can not keep it in our wallets. It is very secure because it is secure by cryptography and the whole database is keep in the blocks. This protects from feigned and it also makes it impossible for double-spending.
Many cryptocurrencies are run by decentralized blockchains Like we can get steem tokens by work on a steemit platform and we can get Hive tokens by work on the Hive platform. My most feature about the cryptocurrency is that it is not issued by any central authority, the user has complete control of his account.
The user can make easily possible any kind of transaction without any middle man and central authority. There is no involve any kind of bank in the transaction. The buyer and seller are both make benefit from working on the cryptocurrencies. So it makes possible transactions without revealing the identity of the seller and buyer. It is totally based on the peer-to-peer network.
One thing more is that whenever we need a transaction, we need the key. And so it is important that we have the keys for transection. It provides us a high level of security.
Now am going to tell you about the first cryptocurrency in the world.
Bitcoin
Bitcoin is the first cryptocurrency that launched in 2009. It is created by Satoshi Nakamoto. But now no one knows that Satoshi Nakamoto is even a group or male or a female because he does not reveal his identity. Bitcoin is the most stable and the king of cryptocurrency. When it launched, Its value is less than one dollar but now its price is about 45000 dollars. It is really a big achievement. Many people take interest in cryptocurrency.
Now we talk about the total market cap of bitcoin.
Total market cap of Bitcoin, as of Aug/ 2021
$858.9 billion
Some other Cryptocurrencies
As we all know that the cryptocurrency doesn't allow any middle man in transactions. So it is a very important feature of cryptocurrency. Many people work on cryptocurrencies to escape from the charges of transactions. So there are many cryptocurrencies and now am talk about some major cryptocurrencies.
- Bitcoin
- Shit coin
- Altcoin
- Stable coin
Bitcoin
As we talk about Bitcoin above that it is a very effective and very cost crypto coin in the market. It appears in the market in 2009. It is created by Satoshi Nakamoto but it is still not revealed that Satoshi Nakamoto is a man or woman. So it is really a mystery. This is the First crypto coin in the world. The idea behind the creation of Bitcoin is to introduce a new system in which there are no fees of any transaction and without any middle man or bank or any other authority.
And if we talk about the BTC today.
Here I simply open the coinmarketcap for checking the latest price of Bitcoin. We can also check the price and all about any crypto coin here.
Stable Coin
As we know that Stable coin is a coin that is issued by any country or any state. Their price is so stable than the other coins like USD, BUSD, TUSD, PAX, etc. are Stable coins. As the cryptocurrency is so volatile so the traders do not store money in the cryptocurrency but they feel the stable coin is safe so they kept their money into the Stable coins like USDT. I am also a trader and I always store my currency in USDT after complete my trade.
So let see the Picture in which some stable coins are present.
Altcoin
If we look at its name, we know that it is the opposite of BTC. There are a lot of Altcoins in the market. In simple words, the Altcoins are alternatives of Bitcoin that were created after the creation of Bitcoins. Bitcoin 1 is the first peer-to-peer currency that has inspired many of its users. The altcoin is trying to create a new one by targeting the problems created by Bitcoin and solving them. This series began in 2011.
So I want to share the picture in which there are some altcoins are present.
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How You Would Like To See Cryptocurrency In The Future?
As we all know the fast progress of cryptocurrencies. And we can also make suggestions for the development of cryptocurrencies.
Bitcoin is the first crypto coin that achieved a high level in the market in 11 years. So we also guess that the other coins also would have the same future. So we can invest here without any fear. Because it is very trusted and the main thing is that it has not any charges for transaction cryptocurrency to one another.
In my point of view, cryptocurrency will become a very important part of our life. Because we can see clearly that Cryptocurrency is so volatile and very beneficial for a good trader. We can earn from it easily and without any hard work. It provides us many platforms for working.
As the system is running, when When we go to a shopping mall, there are many payment methods like we can pay our currency issued by our Government like rupees, or bank transfer or QR code payment, Similarly, it is hoped that cryptocurrency can be used as a payment method in shopping malls and other items.
If this happens then we can buy all our necessities in cryptocurrency and solve the payment method easily. And by doing so, we can get rid of the taxes that are imposed on us and also avoid the manipulation of money.
Conclusion
This is really a great effort for delivering the knowledge about cryptocurrencies by Professor @stream4u.It became very easy after learning the lecture of the professor. Cryptocurrency is a digital and virtual currency that we can not keep it in our pocket or our wallet but we can make possible trade and earn a lot from here. So there are thousands of cryptocurrencies present in the market. So now I am able to work on cryptocurrencies.
