What is Cryptocurrency?

What is Cryptocurrency?

Cryptocurrency is electricity converted into lines of code that have monetary value. Cryptocurrency not dependent on the central bank. Bitcoin(2009) - the first cryptocurrency Miners are members of the public who have set up application-specific integrated circuit (ASIC) machines to participate in validating and processing transactions.

How does Cryptocurrency work?

Cryptocurrencies run on a distributed public ledger called a blockchain. It is a continuously updated record of all transactions held by currency holders.

Units of cryptocurrency are created through the mining process. Miners create a public ledger and make the entire cryptocurrency system work. as they create a new block Miners are rewarded with new crypto coins. Users will need a crypto coin address, which is a series of numbers that act like a virtual post office box. These addresses are anonymous.

Types of crypto wallets

1. hot
2. cool
3. paper
4. hardware

Investing in cryptocurrencies

Bitcoin Growth

- $0.06 August 2010

- $4,06.99 August 2017

- US$ 19,184.14 December 14, 2017

Considering this type of increase It is therefore not surprising that the number of global investors foraying into the cryptocurrency market for the first time has increased.

How to use digital currency?

1. coin mining
2. Buying and holding coins
3. trading in financial markets

strength

• There is security and transparency.
• Make identity fraud more difficult
• payment speed
• There is no central authority to control.
• Less susceptible to spoofing
• Speculation about the increase in cryptocurrency valuations
• Production declines over time which creates a market value for them.

How to Buy, Store, and Spend Crypto

• Buy crypto from coin exchange
• online broker
• Buy directly from someone else