JohnMunoz
ThemenerstellerIn
Dabei seit: 13.12.2021
Beiträge: 1
Cryptocurrency is the new buzz among developed and developing countries. Most of the investors are now taking a keen interest in new forms of investment assets. One of these forms is a cryptocurrency and the most common of them -- Bitcoin.
What is cryptocurrency?
A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions and verify the transfer of assets. Cryptocurrency uses decentralized control as opposed to centralized digital currencies and a central banking system.
Strong cryptography is the art of writing and solving codes i.e. securing communications in presence of a third party.
Verifying the transfer of asset through the help of miners (miners are the users of crypto currency who solves algorithm puzzles and get the rewards as bitcoins).
Decentralized control there is no authority or government controlling it. And due to this, its value is the same all over the world wherever you may use it.
Cryptocurrency is using peer to peer network which allows the transaction to be private between the parties involved only.
A ------------- Block ------------------------ Miners ------------------- B
BENEFITS OF CRYPTOCURRENCIES
Secure transactions due to encryptions and decryptions
You can use your cryptocurrencies all over in the world anywhere because their value is the same
Verified transactions
Low cost of transaction as there are no mediators
It cannot be hacked or modified by a third party
History
In the ‘90s there were so many attempts made to create digital currency like FLOORZ, BEEZ AND DGICASH. But they were failed due to their shortcomings like frauds done by companies. Friction between companies, employees and bosses.
THEN IN 2009, a group of programmers named under alias SATOSHI NAKAMOTO introduced the first cryptocurrency BITCOINS.
BITCOINS - Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer. Bitcoin network without the need for intermediaries.
Bitcoins are similar to the virtual ‘cash’ stored in online wallets — Ola Money, Paytm, Free charge etc. You use it for buying products or services through the internet.
There are two keywords in order to understand how cryptocurrencies function — blocks and mining.
Mining
In general, miners are people who secure and control the network by verifying transactions. In reward they ‘mine’ bitcoins. MINERs will verify that whether the party who wants to do the transaction have enough money in their wallets to go through or not. In order to do that they need to solve the algorithm codes and verify the transaction.
Blocks
Blockchain is like a ledger containing a list of records called blocks using cryptography. Each transaction has a unique signature and each block has a cryptographic hash because of which it is impossible to hack the system. As the hacker needs to modify each transaction and then each block which cannot be done, as it seems to be. As the number of blocks in a blockchain increases, the difficulty of the mathematical problem also enhances.
WHAT CAN YOU DO WITH CRYPTOCURRENCY?
Before it is difficult to find merchants who accept cryptocurrency but now the situation is different. Now, there are a lot of merchants who accepts cryptocurrency offline and online. One can use bitcoins for the payment of hotels, flights, jewellery, computer parts, etc.
Even some places in India accept bitcoins as the payment mode. It can be widely accepted in:
Suryawanshi restaurants in Bengaluru’s Indiranagar
Whitefield Castle Blue spa and salon in Mumbai
Startup Café co-working space in Gorakhpur
Sapna bookstore (Sapna online) – one of the oldest and largest stationary segments
Indsoft and Cyberls – webhosting service providers
Reload - Online mobile recharge
Tecdoc365 – Utility software management website
Fashion diva – Online cloth and accessories portal
EPaisa, a free point-of-sale app provide bitcoin as a payment option
Zebpay app allows you to buy vouchers of Amazon, Flipkart, Free charge, Book my show and Make my trip. It has also enabled its users to recharge their prepaid or post-paid plans with telecom operators such as Airtel, Vodafone, Reliance, BSNL, MTNL, Tata Docomo along with the DTH service providers.
There are so many other currencies like Ethereum, ripple and Litecoin that are not accepted widely yet. There is a gift card selling website like GIFT OFF cards it accepts 20 different currencies. One can essentially buy anything with that gift card.
What is cryptocurrency?
A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions and verify the transfer of assets. Cryptocurrency uses decentralized control as opposed to centralized digital currencies and a central banking system.
Strong cryptography is the art of writing and solving codes i.e. securing communications in presence of a third party.
Verifying the transfer of asset through the help of miners (miners are the users of crypto currency who solves algorithm puzzles and get the rewards as bitcoins).
Decentralized control there is no authority or government controlling it. And due to this, its value is the same all over the world wherever you may use it.
Cryptocurrency is using peer to peer network which allows the transaction to be private between the parties involved only.
A ------------- Block ------------------------ Miners ------------------- B
BENEFITS OF CRYPTOCURRENCIES
Secure transactions due to encryptions and decryptions
You can use your cryptocurrencies all over in the world anywhere because their value is the same
Verified transactions
Low cost of transaction as there are no mediators
It cannot be hacked or modified by a third party
History
In the ‘90s there were so many attempts made to create digital currency like FLOORZ, BEEZ AND DGICASH. But they were failed due to their shortcomings like frauds done by companies. Friction between companies, employees and bosses.
THEN IN 2009, a group of programmers named under alias SATOSHI NAKAMOTO introduced the first cryptocurrency BITCOINS.
BITCOINS - Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer. Bitcoin network without the need for intermediaries.
Bitcoins are similar to the virtual ‘cash’ stored in online wallets — Ola Money, Paytm, Free charge etc. You use it for buying products or services through the internet.
There are two keywords in order to understand how cryptocurrencies function — blocks and mining.
Mining
In general, miners are people who secure and control the network by verifying transactions. In reward they ‘mine’ bitcoins. MINERs will verify that whether the party who wants to do the transaction have enough money in their wallets to go through or not. In order to do that they need to solve the algorithm codes and verify the transaction.
Blocks
Blockchain is like a ledger containing a list of records called blocks using cryptography. Each transaction has a unique signature and each block has a cryptographic hash because of which it is impossible to hack the system. As the hacker needs to modify each transaction and then each block which cannot be done, as it seems to be. As the number of blocks in a blockchain increases, the difficulty of the mathematical problem also enhances.
WHAT CAN YOU DO WITH CRYPTOCURRENCY?
Before it is difficult to find merchants who accept cryptocurrency but now the situation is different. Now, there are a lot of merchants who accepts cryptocurrency offline and online. One can use bitcoins for the payment of hotels, flights, jewellery, computer parts, etc.
Even some places in India accept bitcoins as the payment mode. It can be widely accepted in:
Suryawanshi restaurants in Bengaluru’s Indiranagar
Whitefield Castle Blue spa and salon in Mumbai
Startup Café co-working space in Gorakhpur
Sapna bookstore (Sapna online) – one of the oldest and largest stationary segments
Indsoft and Cyberls – webhosting service providers
Reload - Online mobile recharge
Tecdoc365 – Utility software management website
Fashion diva – Online cloth and accessories portal
EPaisa, a free point-of-sale app provide bitcoin as a payment option
Zebpay app allows you to buy vouchers of Amazon, Flipkart, Free charge, Book my show and Make my trip. It has also enabled its users to recharge their prepaid or post-paid plans with telecom operators such as Airtel, Vodafone, Reliance, BSNL, MTNL, Tata Docomo along with the DTH service providers.
There are so many other currencies like Ethereum, ripple and Litecoin that are not accepted widely yet. There is a gift card selling website like GIFT OFF cards it accepts 20 different currencies. One can essentially buy anything with that gift card.