Cryptocurrency

" cryptocurrency comprises of two words crypto and currency, where crypto means cryptography which involves encryption and decryption for security. Now lets come to currency, currency is most important in our life, in caveman era barter system were used as currency, barter system involves exchange of things or services with others for example if i have 5 apples and my friend has 10 bananas and i need 4 banana and he need 3 apples so we could exchange, but this barter system failed because this system completely depends upon each others need and if both wanted to exchange then only we could exchange. So to overcome from this paper currency came, this is madern currency and this is managed by a centralized authorities like banks and we can buy anything using this paper currency. There are many application by which we can transfer our money from one place to other. Now lets come to cryptocurrency, cryptocurrency is a digital money or virtual money which is meant to be a medium of exchange geographically. This is similar to real world currency only difference is that it is virtual or not visible and also uses the cryptography the way it works. There are more than 1600 cryptocurrency in the world but bitcoin is the king of all. cryptocurrency uses blackchain technology, blackchain is a digital leager which stores transaction details. Records are stored in the container which is known as block and blocks are linked with each other and secure by using cryptography. In blockchain data can be added but can't be altered, to add data mathematical puzzle has to be solved by the validator of the network and miners in order to maintain sanity of the network and miners are rewarded then only they can add data. There is no central authority which have control over the information that's why blockchain is democratic. Any solution has to be approved by everyone in the network and participants on the network are responsible for approving all the transactions. It is protected as it uses cryptography. Now lets see what makes cryptocurrency so special:- there is no transaction amount, no paper work and international transaction can take place faster within a minutes or seconds. So as we know that every coin has two sides so there is some disadvantage of cryptocurrency:- as there is no paper work or documentation and centralized authority who keeps all information and during transaction no third party would know about the transaction so it increases the illegal work. "

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