Hello everyone!!! What's up? Getting bored in quarantine? Come I'll introduce you to an interesting thing today. But wait before we start, nod your head in yes or no to my question.
Have you ever wondered that in the era where we can upload our pictures and videos on the internet how about your money?
If yes, and if you ever have been curious about all these things the this blog is for you. And if no, still read this one as you will surely add something to your cerebrum. Let me give a very formal introduction to you regarding this.
CRYPTOCURRENCY
Cryptocurrency are digital assets which work as a medium of exchange without the interruptions of banks. How is the idea? Now you don't have to be in queues, you won"t be paying any interests. But wait! Don't you have a bunch of questions? How will one keep record of their currencies? How one can not make copies of that digital currency and start misusing it? Who is isssuing the currencies and so on.
Relax!!!!!!!!!!!!!!
I will pique all your curiousity by answering them.
The following facts will answer your question regarding the Cryptocurrency creation:-
Have you ever wondered that in the era where we can upload our pictures and videos on the internet how about your money?
If yes, and if you ever have been curious about all these things the this blog is for you. And if no, still read this one as you will surely add something to your cerebrum. Let me give a very formal introduction to you regarding this.
CRYPTOCURRENCY
Cryptocurrency are digital assets which work as a medium of exchange without the interruptions of banks. How is the idea? Now you don't have to be in queues, you won"t be paying any interests. But wait! Don't you have a bunch of questions? How will one keep record of their currencies? How one can not make copies of that digital currency and start misusing it? Who is isssuing the currencies and so on.
Relax!!!!!!!!!!!!!!
I will pique all your curiousity by answering them.
The following facts will answer your question regarding the Cryptocurrency creation:-
- Cryptocurrency is just a software
- Blockchain technology is 7used for recorfing transactions
- Cryptocurrencies are created by algorithms that rely on cryptography. That is why it is called “crypto” currency. Every transaction relates back to unique cryptographic codes that secure the network.
- Cryptocurrency software is decentralized and distributed, meaning it is hosted on many peoples’ computers across the world instead of just on one server by one company.
- The algorithms generally are written to award coins to computers who add transactions to the blockchain. The process of adding transactions to the blockchain is known as mining.
- The code of the cryptocurrency defines things like maximum supply, mining rewards, etc.
- Thus, for most cryptocurrencies, the main way new coins are created is by people all over the world running hardware that adds transactions to the blockchain. Otherwise, cryptocurrency tokens are created by other mechanisms contained in a cryptocurrency’s software.
- Lastly, the code for almost all cryptocurrencies is public, so anyone can check how coins are created.
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