Simply put, cryptocurrency is a digital cash system. The main function of cryptocurrency is to transfer money from one computer to another, and this work is done through blockchain.
Blockchains use Distributed Ledger Technology (DLT) to remove third parties from the system. This means that the way when we transact with someone, there is some third party in the middle which is helpful in completing this transaction but in this it is not so. The technology that is used in the transaction of cryptocurrencies, this technology is called Blockchain Technology. Actually the blockchain is a database of every transaction, the information about the transactions that are done in it is in the form of blocks and then these blocks join with the database one by one and form a long chain. This is what blockchain is.
Cryptocurrencies do not have a central computer or server, they are usually distributed over a network of thousands of computers. Networks without a central server are called decentralized networks.
Which are Cryptocurrencies?
Bitcoin comes first in the list of crypto currency, given below are some names which have come in the discussion after the success of bitcoin.
Ethereum, Dogecoin, Ripple
Altcoins : Tokens, cryptocurrencies, and other types of digital assets that are not bitcoin are collectively known as alternative cryptocurrencies.
In cryptocurrency networks, mining is the verification of transactions. For this effort, successful miners receive new cryptocurrencies as a reward.
A cryptocurrency wallet stores public and private “keys” (addresses) or seeds that can be used to receive or spend cryptocurrency. With the private key, it is possible to write to the public ledger, effectively spending the associated cryptocurrency. With the public key, it is possible for others to send currency to the wallet.
If you want to buy bitcoin while staying in India, then the names given below will help you in this:
7 best apps to buy bitcoin in india:
BuyUcoin is the first Indian platform for wholesale cryptocurrency trading
No one knows about who is the inventor of bitcoin, the creator of bitcoin still remains unknown. Pizza was the first item purchased using bitcoin.
Cryptocurrency is a word made up of two words. Crypto which is a Latin word derived from cryptography and which means hidden / hidden. Whereas currency also comes from Latin currentia, which is used for money-money.