BECOME A CRYPTOCURRENCY MILLIONARE ONLINE
Wow, the world has evolved so much, we now have digital currency. Unbelievable isn’t it? I can’t wait to see what technology will produce in the next 10 years to make us wealthier. Today we’re going to talk about cryptocurrency and why you should start paying close attention to it.
What is Cryptocurrency?
Now to say this as simple as possible, cryptocurrency is a form of digital money. The word “crypto” means secret or hidden and we all know what currency means. One of the main qualities of cryptocurrency is it’s decentralized, meaning no government, no company, no single person or group can control it. Now you may be wondering is it even safe to invest in cryptocurrency if no one is in charge of it?
What is the purpose of Cryptocurrency/why was it created?
Cryptocurrencies were introduced as a disruptive financial technology (fintech), which would make global transactions easier, faster, and more secure, putting control directly in the hands of the concerned parties. This could also eliminate banks and money transfer services. The digital currencies claim to make storing, spending, and transferring “digital money” secure, super-fast, and unaffected by any fees, exchange rates, or governmental regulations.
How secure is Cryptocurrency/what is cryptography?
As I mentioned above no one person is in charge of cryptocurrency. So then the big question is, who or what keeps track of this hidden currency as the name suggests? Plus it’s in digital format so how secure it is? In order to store all this information online securely, they must be encrypted in a form whereby only those for whom it is intended can read and process it. This is where cryptography comes in. Cryptography is associated with the process of converting ordinary plain text into unintelligible text and vice-versa. It is a method of storing and transmitting data in a particular form so that only those for whom it is intended can read and process it.
What keeps track of your cryptocurrency transaction/ what is blockchain technology?
When you open an account with any bank, you are giving the permission to log into the banks online portal and check your bank information any time you wish. So how will you check your cryptocurrency information anytime you wish and make transactions? This is where blockchain technology fits. Blockchain is a digital ledger in which transactions made in cryptocurrency is recorded chronologically and publicly. You can actually have a look at the blockchain and see evidence of what’s going on with your currency or the different currencies.
I don’t want to overload you in one read, so look out for my next blog post on how to buy cryptocurrencies and start your crypto career. These are just some terms that you need to understand before you start buying crypto.
You can also check my other blog post for different ways to work online from home.