Greetings dear friends in this lovely community hope you're all doing well, today I bring you a post on what crypto is. Please read and leave a comment.

Overview Of Cryptocurrency

Cryptocurrency in very simple terms is a virtual or digital currency, which functions on a blockchain network. The currency was designed to serve as an exchange medium; to purchase good and services conveniently online. Cryptocurrency is stored on digital wallets and cannot be degraded over time.

Blockchain can be said to be a set of blocks which record's the data of every transaction which is happening in the network, it is stored ad a digital ledger and distributed across every node in the network. Therefore making it impossible to alter any information or cheat on the network. All nodes in the network have to validate a transaction or alterance before it can go through. The nodes in the network will have one agreement about the ledger which is distributed across the network, and this is achieved using a consensus algorithm. Examples of consensus algorithms are, proof of stake (PoS), proof of burn (PoB), proof of work (Pow), etc.

The crypto in cryptocurrency stand for cryptography.
Crypto - stands for secret
Graphy - represents code writing
Therefore, cryptography is a method of using encryptions and decryptions to secure every data and transaction in the network. Cryptography helps to prevent the counterfeiting of coins or double-spending.

Satoshi Nakomoto an anonymous identity invented bitcoin in 2008, which was the first cryptocurrency and the first time crypto was heard of in the world. He invented the coin as a means to facilitate online transactions, therefore creating a more secure and fast means of making online payments. The invention of bitcoin has given rise to so many other cryptocurrencies such as; Etherium, Ripple, Tron, steem, etc.

Differences Between Cryptocurrency and Fiat Money.

Cryptocurrency	Fiat Money
• Blockchain technology which is utilised to make transaction makes the system very transparent	Banking is utilized to make transactions, making the system less transparent
• The blockchain is completely decetralized having no middleman intermidiarry	The banking system is completely centralized, therefore there is use of middlemen intermediary.
• Maximum security if offered to users	Not so secure when compared to the blockchain.
• Completing transactions are usually fast and convenient	Lacks in speed and not so convenient since one has to visit banks or cash agents.
• Cryptocurrencies have been banned in some countries and also has not been approved in some	Fiat money is used everywhere around the world
• Cannot be owned or managed by a single head or authority	Can be managed and governed by a single head or authority

Advantages of Cryptocurrencies.

1. Cryptocurrency transactions are generally fast, and the network is usually very effecient. All that is required is a smart device that has access to the internet, and transfers can coveniently be done from one location to any destination around the globe.

2. The blockchain is very transparent and every transaction is publicly recorded in it and cannot be easily altered. The blockchain technology makes it impossible for transactions nto be undone or traced.

3. Cryptocurrencies operate on completely decetralized networks, therefore cutting out every middleman intermidiarry. Meaning that every user has direct access to his/her assests and can use it any time.

Disadvantages Of Cryptocurrencies.

1. Transactions are irreversible, one mistake can lead to massive loss of assets. There are also chances that a user can loss his/her device as well as keys and will no longer be able to access his/her assets.

2. The world of cryptocurrencies is so volatile. The worth of a coin, such as bitcoin, Etherium, etc can flunctuacte or change significantly at any time, either going bullish or bearish. Dip sometimes last long and people may loss money.

3. Cryptocurrency sometimes are targetted by fraudsters who apply different schemes to reap one of his assests either by scamming or looting. Example; they can either use romance scam or investment scam or the use phishing links to attack.

Conclusion

Cryptocurrency has changed the world, and will still futher change the world. A fast, reliable, convinient and transparent means making online payments and transactions, the advantages of cypto cannot be overemphasized. However, I don't really think there's going to be a time when cryptocurrency is going to be used world-wide as an official medium of exchange. The cypto train is really moving fast and no one can tell where it's heading to, let's all board the train to avoid being left out.