What is Cryptocurrency?

[Ephy]

Cryptocurrency in simple meaning you can say is an umbrella term of a new kind of digital money. Cryptocurrency relies on a combination of technologies that allow it to exist outside the control of central authorities like government and banks. They are completely digital meaning they are literally just lines of computer codes.

The question is if there is no any central bank or government issues or help to create the Cryptocurrency then who does create them? It's simple, units of Cryptocurrency are generated based on predetermined rules written in code which are executed by a software. That's why no government or banks are involved in creating Cryptocurrency.

Cryptocurrencies are also designed to be counterfeit proof, how? This is because Cryptocurrency is involves cryptography and how it uses it to store securely records and transactions. May you are a bit confused let me explain what is cryptography so that you can understand easily. In Cryptography the prefix "Crypt" means "hidden" and the suffix "graphy" means writing. Therefore since Cryptocurrency rely on cryptography for their security that's where the "crypto" comes from in "Cryptocurrency". It's my great hope that now you understand what is Cryptocurrency and how it comes about.

Example of Cryptocurrency is Bitcoin. Bitcoin is a decentralised digital currency that is based on open source software design which is used to transmit value between pseudonyms users.

If you want to know or learn more about Cryptocurrency just comment below and I'll be at your service to answer all your queries or enlighten whatever you want me to discuss with you so anyone feel free to comment or ask anything.

 

[saoussen5765]

It is manner for pay people if you are not in the same country or even pay people in the same country but some countries even adopt this technology for pay bill state while some others go to banning them and consider as illegal activity as simple as that.

 

[Suba]

After Bitcoin was launched and a year later or in 2010 the term cryptocurrency began to be known by many people, personally I have known cryptocurrency (Bitcoin) since early 2012, through faucet sites. but until now raises the pros and cons of many parties.

Many governments (countries) oppose crypto because they think it can destabilize their finances, so they try to influence it indirectly, such as the interest rates set by the Fed. many countries impose high taxes thereby reducing the profits of crypto users a lot.

Cryptocurrency can be interpreted as a digital currency that is intangible, while the value of crypto is determined by the market.
To produce crypto will depend on the consensus used by the crypto itself, if it's PoW then crypto must be mined and PoS crypto is staked.

There are two main types of crypto in circulation today which are coins and tokens. Besides crypto's function as a medium of exchange, crypto is also used as an investment and trade instrument.

 

[Ebram kamal]

This topic provides a simple explanation of cryptocurrency, which is a type of digital money that operates independently of central authorities such as governments and banks. Cryptocurrency is created based on predetermined rules written in code and executed by software, rather than being issued or created by any centralized authority. As a result, cryptocurrency is completely digital and exists solely as lines of computer code. The decentralized nature of cryptocurrency is one of its key features, as it allows for greater transparency and security, while also enabling greater financial freedom for individuals