What is crypto currency and how does it work? 2022
What is crypto currency and how does it work: Hello friends, how are you, all of you are warmly welcome to our blog, with the help of today’s post, we are going to tell you some important information about Cryptocurrency. There are many such currency in the world through which we keep on doing transactions, when we buy any item, we give money to the shopkeeper in return for it. Which is a type of currency, different currencies are used in different countries in the world, although in today’s time everything has been made online, so we can also do currency transactions online.
If you are a resident of India, then you must be using online rupees and doing transactions, but a currency is also such a thing which is completely digital currency. We can know this currency by the name of Cryptocurrency and it is called Cryptocurrency, today with the help of this article, what is Cryptocurrency and how can it be bought. And what can be the benefits of this, you are going to share all the information related to all these with people if you also want to get detailed information about cryptocurrency. So for this you have to follow this article of ours properly.
As we have told you in the above information that each country has a different currency, such as America has dollars, Kuwait has dinars and Arab has Rial and India has Rupee. Although everyone knows what a currency is, but we have recognized this currency for your information. We are given money only at the place where we work, we can easily buy any product or any item in exchange for currency.
What is crypto currency and how does it work?
But we would like to tell for your information that the currency which is canceled by the government, then it does not have any value like talking about India. So the old 1000 and 500 notes have been discontinued or canceled by the Government of India, then if you go with any one of these notes. And if you want to buy anything in return, then that money has no value, nothing can be given to you in return. On the other hand, if you take a gold note and buy any thing, then immediately you are given that thing in exchange for money, that means the ₹ 100 note has been recognized by the government.
Friends, do you know that the currency of every country is printed on a piece of paper or metal, we can touch this currency with our hands and with it we can always keep it easily in the purse. And we can take it anywhere with us, then it is a type of physical currency, but if we talk about cryptocurrency. So it is a type of digital currency, neither we can touch it nor we can keep it in purse nor we can take it anywhere with us. Means to say we can use it online only.
What is Cryptocurrency? what is cryptocurrency
Crypto currency is a kind of virtual currency, it does not work under the government of any country. Crypto currency is completely an independent digital currency. Which is used digitally, digital signature is used the most for the verification of its transactions. All this information is saved with the help of cryptocurrency, it is based on peer 2 peer electronic system which is built on computer algorithm by internet.
There is no existence of this currency, the way we can touch the normal currency, in the same way we cannot touch the crypto currency at all. It is a completely virtual currency, it is most used to buy and sell goods online, the name of the world’s first crypto currency is bitcoin. Which was proposed and developed by Satoshi Nakamoto in 2009, although no one knew bitcoin in its beginning. But in today’s time the price of one bitcoin has become equal to 23,28,285 Indian rupees.
How does Cryptocurrency work?
Please currency runs through a computer network, it is actually based on the blockchain itself, all the transactions that take place here are recorded and kept. The transactions happening here are monitored by the computer, such activity is called Cryptocurrency Mining. There are many crypto currency mining software available on the internet.
As we have already told you, please currency transactions are saved with the help of block chain. The complete security and encryption of this blockchain is done by the miners, that is why a better block code is found by solving a crypto currency puzzle through miners. And when a miners finds the correct and proper block code, then it is added to the blockchain, this is how crypto currency works.
Friends, hope you liked this post of ours, today in this post we have told you all the information related to cryptocurrency. In today’s post, we have told you what is cryptocurrency and how it works.