Here We will tell you Everything About Cryptocurrency that you may need to know. Cryptocurrency is what is called cryptographic money and the reason for that is because of the usage of cryptographic technology in the way it is built.
Everything About Cryptocurrency: The Technology
Cryptocurrencies are using the new and breaking blockchain technology in which this technology adds features like immutability and transparency to the system. The most notable trait of the crypto thing is that it is not governed by a single power and nobody can claim that he owns the system.
The characteristics of bitcoin and so do many other cryptocurrencies makes them so much unbeatable to surveillance that has been done in the late times by the authorities.
When people use cryptocurrencies to send and receive the money they are using the basics of cryptographic systems which are public and private key systems or asymmetric key systems.
How the cryptocurrency fee is calculated?
The fee that is calculated for these transactions is very low and money can be sent from one person to the other almost instantly. These systems will let users and people, in general, avoid high fees that were enforced by the old banking systems.
Nowadays almost everybody knows about the bitcoin thing and this has become a global thing that everybody should educate themselves about it. In the guide you are reading we will bring to you the things that you may need to know when using this new thing and what this piece of technology will affect in the coming years.
These days almost everybody is reading about bitcoin and what does it do and how the technology behind it can be used. Almost every firm or company has started a research project or have implemented a so-called blockchain project. Everybody wants to enter the field.
“Virtual coins, and maybe most known one which is Bitcoin, have got the attention of some, made so many people fearful, and have confused many of others” – Thomas Carper, US-Senator
The real parts of cryptocurrencies
But if we get over the media and the random stuff coming out of news we see that many people even the banking systems, corporations, chiropractors, etc. have little to no knowledge about the new technology. Many of them even can not get their head right about the fundamentals of this technology.
So now let me show you how to get to the main bits of information, What crypto is all about?
How does crypto work?
Maybe a small number of persons may know this but the concept of cryptocurrency has gone out as an effect of another project. The person who created the first whitepaper of the first cryptocurrency which was bitcoin never said that he is inventing a medium of exchange.
In his first time when he told about bitcoin, he said that it is a Digital Cash. His goal was to create this so-called digital cash which many people has been failed to creating it beforehand. This cash system will use a peer to peer network so that it could prevent things like double-spending. It’s a system that works in a fully decentralized manner and there are no central parties or computers who control the system.
Satoshi Nakomoto, Before what he has done
Before satoshi started to create this cash system, many people tried to create something the same as bitcoin did but they all have failed and that was what satoshi tried to solve and prove that it is possible to create something like digital cash.
After he saw that all the other firms have failed to do what they were doing, Satoshi decided to create a cash system that is digital and does not have the main party. It is a seemingly P2P connectivity of computers that can be used for handing data to each other.
The thinking has formed the first sparks of what crypto is. What we now see are the things that did not exist when digital cash came out in the 19s which Nakamoto brought them to us.
If you have ever read about it you know that it is a bit intangible and hard to grasp but when you know the fundamentals then you can see yourself over many of others around you. We are here to show you the real stuff in a simple form as we can.
If you want to check the other parts be sure to check the links below:
This was the first part of these series and we will get familiar with more parts in the coming sections. So stay tuned.