What is Cryptocurrency : How Cryptocurrency Works, Cryptocurrency List

What is Cryptocurrency : Cryptocurrency is normally known as a Decentralized digital currency based on the block chain technology. Any government don’t have authority to controlled or manipulated it.

What is Cryptocurrency

In cryptocurrency technology, digital currency transferred from one computer wallet to another. Now, many companies accept bitcoins cryptocurrency payments. So by payments with bitcoin (cryptocurrency), you can enjoy fooding travelling, short , etc.

In India, bitcoin populated in slow speed. The reason of that illegal type of currency. So, bitcoins are banned by RBI. But on march 2020, supreme court removed this ban. Now in India cryptocurrency users increased day by day. The second import reason of unpopulated cryptocurrency is, most people thoughts that investment safe in fixed deposit, mutual funds.

For better understanding the it, it if important to first know the some economical terms.

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Money Vs Currency

Currency is not money because value of currency can be zero. It can be regulated by government. Ex : If a government announced to ban 500 rupees note for regulating, then the value of that 500 rupees note will be zero. But in case of money, it can not be zero or expired. Ex : Gold or Silver

The value of gold or silver never can be zero or expired. The gold or silver can be exchangeable but can not be zero.

Centralized Vs Decentralized Currency

Centralized currency manipulated by the government. This type of currency can be produce by the order of government.

In Decentralized (Ex- Bitcoin) the value of money not controlled by any government. So, Bitcoin works as gold and the production of bitcoin are limited. Due to the limited production or limited source, cryptocurrency have own value. Gold and Cryptocurrency (Like- Bitcoin) are limited production.

Digital Vs Physical Currency

It totally based on the digital technology. In physical currency, you see or seems your currency in hand. this physical currency can be theft or destroyed. If you deposit it in any bank and printed that entry in passbook. Then that is physical currency. But in case of digital currency, many people not believe in this kind of currency. You can not see or seems this kind of currency.

Block Chain Technology

According to this kind of technology, any entry of currency can not be deleted. According to RBI governor, technology behind the it (Block Chain Technology) is sometimes should be adopt for maintaining account ledger. If any entry removed from ledger and for getting this fault, you need more information and more time. according to this technology, no one remove account entry. In this technology, transactions verified in each stages. If any error takes place, then further verification not be done. The great advantages behind this technology is no one can remove or change it.

How Cryptocurrency Works

All transactions of all bitcoins have a public account or ledger in a digital form. A copy of this ledger available on all the systems and those systems are are play a part for the bitcoin network. Person who operates those systems are called miners. The main work of miners are to verify all transactions in each stages.

Future of Cryptocurrency

The technology of it is not new thing. Because of Amazon, PayPal, Walmart, and other popular companies used it. USA, CHINA, JAPAN SPAIN, Romania have highest percentage of cryptocurrency users.