What is Cryptocurrency? Basic of Cryptocurrency. [10% ʙᴇɴᴇғɪᴄɪᴀʀɪᴇs ғᴏʀ @sʜʏ-ғᴏx🦊]

Cryptocurrency is a type of digital currency that has no real existence. It is a symbolic digital currency used only in the Internet world. One of the differences between ordinary money and digital currency is that ordinary money exists and digital cryptocurrency does not exist in reality but its use in the internet world. I will discuss the basics of cryptocurrency.

Cryptocurrency was first introduced in the 1960's via credit cards. The first digital currency system was introduced in 1960. At present when we exchange digital money through online banking and mobile banking, these institutions deduct some money for services. These institutions are usually regulated by the government or the central bank and are held hostage by a few economists. Another problem of the banking system is that when opening an account with a bank, one has to give a lot of personal information even though one does not want to and has to go through various restrictions to withdraw one's money from the bank. Guaranteeing personal security can be risky when transacting online. Many people have a dream, which will be a money exchange system with complete anonymity. Many would have thought that if we could transfer money in the right way without any third party intervention in money transactions then maybe the matter would not be so compelling. It would have been easier.

In 1995 the initial scholarship was awarded through Cryptography Electronics. But it still fails to ensure users' privacy. For a long time there was no public interest in this subject. Between 2007 and 2008, Satoshi Nakamoto was able to solve this problem. Satoshi Nakamoto devised a system through blockchain that would allow anyone to transact money anonymously and without third party interference.

Usually when we go to open a bank account, we need a lot of personal information but to open a cryptocurrency wallet we do not have to provide any personal information. Just enter a username and a password so you can open your wallet. These cryptocurrencies provide security primarily through blockchain. This blockchain is a powerful data protection system. It is almost impossible to hack this blockchain. Bitcoin is the name of the first coin discovered by Satoshi Nakamoto. Since no third party service is provided, there is no additional charge. There are many types of cryptocurrencies in the world today. Ethereum, bitcoin, light coins, tron (trx) are very popular. Since cryptocurrency was born to make secure money transactions by keeping one's identity secret, there are still some risky aspects to this currency situation. For example, the most risky aspects of cryptocurrency are that once you lose your password, you will never be able to reset it. An estimated 2.5 million bitcoins have been lost so far, leading many to resort to third party wallets.

Nowadays this cryptocurrency is slowly becoming very popular and is becoming a trusted currency to the people. Using this cryptocurrency, you can exchange any currency by going to different exchange sites. I have tried to give a basic idea about cryptocurrency. I hope you like it.