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What is Cryprocurrency

A digital or virtual currency that uses cryptography for security. Au00a0cryptocurrencyu00a0is difficult to counterfeit because of this security feature.

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What is Cryprocurrency

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  1. Cryptocurrency

  2. What is Cryptocurrency • A digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature.

  3. Monetary Properties • Controlled supply: All cryptocurrencies control the supply of the token by a schedule written in the code. • No debt but bearer: Cryptocurrencies don‘t represent debts. They just represent themselves. They are money as hard as coins of gold.

  4. Transactional Properties • Irreversible: After confirmation, a transaction can‘t be reversed.  • Pseudonymous: You receive Bitcoins on so-called addresses, which are randomly generated. • Fast and global: Transactions are indifferent of physical location. • Secure: Only the owner of the private key can send cryptocurrency. • Permissionless:  It‘s just a software that everybody can download for free. No one can prevent you.

  5. How Does Cryptocurrency Work? • Cryptocurrency uses blockchain technology. • Blockchain data is secured through cryptography. Each participant has their own private key that is assigned to the transactions and it acts as a digital signature. If a record is altered, the digital signature will become invalid and the network will come to know that something has happened.  • Blockchain stores transaction information across vast networks of computers that continuously check and verify information with each other.

  6. Cryptocurrencies Examples • Bitcoin • Ethereum • Litecoin • Monero • Ripple • Dogecoin • Zcash • IOTA • NEM

  7. Benefits • Can transfer funds without the need of bank or any other finance company. • Minimal processing fees. • Cryptocurrencies are digital. Hence cannot be counterfeited. • Immediate settlement. • Cryptocurrency makes international trade more accessible by removing barriers.

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