Achievement 4 By @afdhan Task: Applying Markdowns
What is Cryptocurrency?
Below I present my publication on cryptocurrencies for knowledge expansion. Cryptocurrency is a monetary system that does not have a value for the material they are made or for the endorsement given by certain institutions so that a coin or banknote has value acquiring an importance in the market, that is, the more people are interested in buying them, the more valuable they will be. Bitcoin is not unique in its nature there are hundreds of cryptocurrencies currently and they are so named thanks to their encrypted nature that are protected by encryption making it difficult to alter or hack since it is not controlled by a bank or government. On the other hand, with traditional currencies every time you want to make a transaction, it must be approved by a banking institution which is not usually secure.
Now, we can say that cryptocurrencies work with a decentralized transaction system known as blockchain which I will explain how it works below:
any ordinary citizen can install a blockchain on their computer
that block is registered to a huge chain where all the transactions made with that currency are listed and that will be duplicated in turn in many other accounts, which makes it impossible to delete or alter them definitively from the system.
each transaction that is made is called a block and acquires a unique code similar to the serial number of a banknote.
this block is permanently recorded along with the information of the issuer.
this operation will be recorded in the virtual network and immediately
Example
if a person who works in a store manually keeps a record of income and expenses can easily alter or omit figures which becomes a fraud and would be difficult to verify but if 100 people keep records of all operations at the same time, the fraud would be practically impossible to commit because each of them keep the same record that verifies what happened.
There are thousands of people and computers around the world monitoring every move made with cryptocurrencies.
Finally we can conclude by informing that cryptocurrencies will be the most useful and safe form of financial mobilization for everyone, so it is necessary to investigate this topic to train and finally use it.
Hello, I am reddileep from Greeter Fairy Team.
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Hi, @afdhan,
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