what is cryptocurrency and how it works - Gujarat Career Club

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Wednesday, 2 February 2022

what is cryptocurrency and how it works

 


what is cryptocurrency and how it works




Cryptocurrency is a form of payment that can be exchanged online for goods and services. ... Cryptocurrencies work using a technology called blockchain. Blockchain is a decentralized technology spread across many computers that manages and records transactions. Part of the appeal of this technology is its security..




How many cryptocurrencies are there? What are they worth?


More than 10,000 different cryptocurrencies are traded publicly, according to CoinMarketCap.com, a market research website. And cryptocurrencies continue to proliferate, raising money through initial coin offerings, or ICOs. The total value of all cryptocurrencies on July 9, 2021, was more than $1.4 trillion — down from April high of $2.2 trillion, according to CoinMarketCap. The total value of all bitcoins, the most popular digital currency, was pegged at about $630 billion — down from April high of $1.2 trillion







The answer is, they are remunerated with the underlying cryptocurrency. This incentive-driven system is called a proof-of-work (PoW) mechanism. The computers ‘working’ to ‘prove’ the authenticity of blockchain transactions are known as miners. In return for their energy, miners receive freshly minted crypto assets.

Investors in cryptocurrencies don’t hold their assets in traditional bank accounts. Instead, they have digital addresses. These addresses come with private and public keys -- long strings of numbers and letters -- that enable cryptocurrency users to send and receive funds. Private keys allow cryptocurrency to be unlocked and sent. Public keys are publicly available and enable the holder to receive cryptocurrency from any sender.



It is fair to say that Bitcoin has changed the paradigm -- there has been nothing quite like it before, and it has unleashed an entirely new technology, a new platform for investing, and a new way of thinking about money.

The answer is, they are remunerated with the underlying cryptocurrency. This incentive-driven system is called a proof-of-work (PoW) mechanism. The computers ‘working’ to ‘prove’ the authenticity of blockchain transactions are known as miners. In return for their energy, miners receive freshly minted crypto assets.

Investors in cryptocurrencies don’t hold their assets in traditional bank accounts. Instead, they have digital addresses. These addresses come with private and public keys -- long strings of numbers and letters -- that enable cryptocurrency users to send and receive funds. Private keys allow cryptocurrency to be unlocked and sent. Public keys are publicly available and enable the holder to receive cryptocurrency from any sender.



It is fair to say that Bitcoin has changed the paradigm -- there has been nothing quite like it before, and it has unleashed an entirely new technology, a new platform for investing, and a new way of thinking about money


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Today we will learn about cryptocurrency. First of all, it is important to know if this is a cryptocurrency. And why such a name was given ?? So understand that the English word Crypto means to be invisible and currency means Vitamin M, meaning the mail of human hands .. I am talking about rupee. Cryptocurrency is usually the rupee that does not appear. Our cryptocurrency is a currency that is far away from our eyes and far from the brain. But don't get such gestures on your face because we are going to get to know this currency very closely today.




In general, those who know about this currency will think of BitCoin as soon as they hear about cryptocurrency. Which is absolutely true but cryptocurrency means only BitCoin is wrong. There are many other types of cryptocurrencies. E.g., Monero, Ethereum, Lightcoin, Bitstone etc. And there are many other types of currencies that I have named here.




The birth of cryptocurrency is anarchist i.e. a group of human beings who were dissatisfied with the current centralized system. He developed this decentralized transaction method. Their purpose was to prevent any intermediaries or any kind of person or system from having information about their transactions. This cryptocurrency transaction is done by Blockchain Technology which we will understand better later.






Now let's talk about BitCoin. This currency was created on January 6, 2009 by a programmer named Satoshi Nakamoto. This coin is in a mathematical form. Like Minerals, BitCoin is mined to bring this currency to market. Even the mine of minerals is underground while the mine of this bitcoin is in the form of a box. And the mining of this coin i.e. the currency from this box is done by a heavy-duty computer and also takes more time. Here the speed of the CPU is measured in Hasrate according to the standard of the computer. This currency comes into the market after the mining of such invisible boxes. The people who do this mining work here like a bank clerk but one thing is different here, the person working in the bank gets paid after a month.





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News

Crypto News collects publications from various news sources such as Cointelegraph, Bitcoin.com, CoinDesk, Forklog, Twitter, etc. There are more than 100 websites in the list of sources and it is constantly updated with new ones.

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