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What Is Cryptocurrency? Everything You Need To Know
Criticism of Cryptocurrencies
Cryptocurrencies have been in the news for the wrong reasons, leading to many attempts to demolish or regulate them.
The underlying technology of cryptocurrencies makes it undeniably powerful and disruptive, and this will increase as technology moves forward.
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Cryptocurrency Explained
Cryptocurrencies are a new, digital, and secure form of currencies. They have special encryption techniques that make them virtually impossible to be tracked or be stolen.
Cryptocurrencies use a revolutionary method of encrypted digital distribution known as 'blockchain'.
The Value of Cryptocurrency
Digital currencies are tricky when it comes to their value.
Initially, they had value due to their being encrypted and secure, and now there is some fluctuation.
Cryptocurrencies have an intrinsic value mainly because of the mass adoption of the currency and the buyers, who spent old-school money to buy cryptocurrencies, have jointly agreed and decided that there is a value.
Blockchains
- Cryptocurrencies work in a decentralized form due to the technology engine called Blockchain.
- Digital ledgers add on to all the transactions happening digitally, and they can be having tons of information stored, due to them being digital.
- The problem of security is handled by encrypted signatures used to confirm ledger transactions.
- People transacting in cryptocurrencies have unique secret keys and public keys, both acting as handles to identify and verify the transactions.
- Each ledger transaction also has a unique secure handle to ensure it is approved and cannot be forged.
The Mining Process
The process of 'mining' is used to add new capital in the cryptocurrency database.
Mining is a verification process that works on the blockchain using a massive amount of computing power. The 'miners' who use such strong computing power 'earn' cryptocurrency for each verification.
A Work in Progress
Cryptocurrencies are new and constantly improved due to their digital nature.
Blockchain, the revolutionary technology is now being applied to increasingly complicated work.
Example: Ethereum Blockchain work is a decentralized verification process for contracts.
Criticism of Cryptocurrencies
Cryptocurrencies have been in the news for the wrong reasons, leading to many attempts to demolish or regulate them.
The underlying technology of cryptocurrencies makes it undeniably powerful and disruptive, and this will increase as technology moves forward.
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