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What is Cryptocurrency?

Cryptocurrencies are the coin which is not made of any precious metal such as gold or silver, but it is worth many US dollars. It is a digital currency, not a physical one. Which means it only exists electronically. It is not attached to any state or government. It doesn’t have a central issuing authority or a regulatory body. So basically there is no one to monitor anything about Cryptocurrency. Funds are raised for new Cryptocurrency venture in the form of ICO (Initial Coin Offering).

The first Cryptocurrency in the market was Bitcoin launched in 2009. Bitcoin is a fully digital currency and you can exchange bitcoin between computers in a worldwide peer-to-peer network.

The Cryptocurrency is based on blockchain technology. The blockchain is the public ledger of all transactions that have ever occurred on a peer-to-peer network. It is same all over the world. The people who keep track of these ledgers are called as miners. Cryptocurrency involves mining. It is a process in which transactions for various forms of Cryptocurrency are verified and added to the blockchain digital ledger.

Topmost important Cryptocurrency in the market apart from Bitcoin are- Litecoin (LTC), Ethereum (ETH), Zcash (ZEC), Dash, Ripple (XRP), Monero (XMR).

Some of the main features of Cryptocurrency are:-

  • Irreversible: After confirmation, a transaction can‘t be reversed by anybody.
  • Pseudonymous: Neither transactions nor accounts are connected to real-world identities. You receive Cryptocurrency on so-called addresses.
  • Fast and global: Transaction is propagated nearly instantly in the network and is confirmed in a couple of minutes.
  • Secure: Cryptocurrency funds are locked in a public key cryptography system. Only the owner of the private key can send Cryptocurrency.
  • Permissionless: You don‘t have to ask anybody to use Cryptocurrency. It‘s just a software that everybody can download for free.

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