All that you should Know About crypto currency

Being the latest in currency world, cryptocurrency is business through digital money rather than using literal money in terms of cash or cards or even through online. While describing it is easy, many people do not understand the concept and even avoid knowing or trying to transact through this method due to their assumptions that this is a complex way of dealing with transactions. So, here’s what you should know about crypto currency that will help you.

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How does it work?

Crypto currency uses decentralized technology to store money and to make transactions/payments. Once a transaction is done, it cannot be reversed in any way and this transaction is noted on the public ledger using cryptographic techniques. A public ledger makes calculations on how many coins or money is available for the user to spend. Once the transaction is completed, it is submitted to be confirmed through the process called mining where the miner gets to solve a complex mathematical kind of problem. With this, blocks are created that record transactions. The public ledger also called as block chain, has the records of the transactions but the owner identity in the real worldis encrypted using cryptographic techniques.

Bitcoin is the most famous crypto currencyfollowed by Ethereum, Ripple and Litecoin.

The process of buying coins is not like buying shares or stocks or any type of investment. Instead, what you get is called coins that are used to transact. As you install the app, you will have to get verified using your driver’s license and other documents. Once that is done, the investor can start to set up payment methods through credit/debit cards or bank transfers. These transactions are not at all anonymous and can be tracked for the currency owner. With this, transactions are carried just like with real money by converting the coins into currency as calculated by the public ledger.

So how is it different?

While government is responsible for creating real money, cryptocurrency is created by private organizations. Often when people invest in coins the funds are used to develop decentralized system and a variety of host services with which the invested money gets some profits.

With physical money, there is a chance of fraud. But with coins, as it is not physically available, there is  nothing to be stolen and there is no way to even track crypto currency in the way that normal money is tracked. This makes it the safest ways too transact. However, before you start transacting, you need to have a community on cryptocurrency that is willing to do business.

. While this impossible, there are other things that make crypto currency different.

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jazz – who has written posts on Monmac Innovation.