What is Cryptocurrency | Everything You Need To Know | BlockChain

What is cryptocurrency:  21st-century unicorn – or the money of the future?The value of bitcoin is reaching all-time highs in 2017, boosting interest in all cryptocurrencies — more than 700 out there at any given time. But just what is cryptocurrency, and how you can save, earn and spend it?

what is cryptocurrency

What is cryptocurrency ?

Cryptocurrency is a digital currency for which encryption techniques are used to regulate its use and generate its release. Unlike fiat currency — like US dollars, euros and yen — cryptocurrency is not regulated or controlled by any bank, government or centralized financial authorities.

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One of the most important problems that any payment network has to solve is double-spending. It is a fraudulent technique of spending the same amount twice. The traditional solution was a trusted third party – a central server – that kept records of the balances and transactions. However, this method always entailed an authority basically in control of your funds and with all your personal details on hand.

This introduction explains the most important thing about cryptocurrencies. After you‘ve read it, you‘ll know more about it than most other humans.

How are cryptocurrency records kept?

That digital public ledger on which all transactions are recorded is called the blockchain. Data is stored across a network, so it’s not susceptible to exploitation by hackers or central failure.

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There are a lot of merchants – both online and offline – that accept Bitcoin as the form of payment. They range from massive online retailers like Overstock and Newegg to small local shops, bars and restaurants. Bitcoins can be used to pay for hotels, flights, jewelery, apps, computer parts and even a college degree.

What does it mean to mine cryptocurrency?

Cryptocurrencies are released to the world through a process called “mining.” For you to mine this currency, you must attempt to solve a computational puzzle known as a hash, which allows you to add the next block. These transactions are then recorded in the blockchain for all to see.

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How can I buy and use cryptocurrency?

Cryptocurrency is a volatile market, with exchange rates that can wildly fluctuate by day, and sometimes by hour. Bitcoin is the better-known and most valuable cryptocurrency out there, but there are many others to explore, including litecoin, peercoin, dogecoin, monero and ripple.

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Ethereum, perhaps the second most valued cryptocurrency, has recorded the fastest rise a digital currency ever demonstrated. Since May 2016, its value increased by at least 2,700 percent. When it comes to all cryptocurrencies combined, their market cap soared by more than 10,000 percent since mid-2013.

Today cryptocurrencies (Buy Crypto) have become a global phenomenon known to most people. While still somehow geeky and not understood by most people, banks, governments and many companies are aware of its importance.

What’s the most popular cryptocurrency?

Among the burgeoning 700 cryptocurrencies in use at a time are the heavy hitters of the market. These popular ones are those you’ll be able to spend more easily.

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  • Bitcoin. The original cryptocurrency, bitcoin is also the most valuable. Its good reputation and large user base have cemented it as the leader for now. It’s entering the mainstream and can even be spent at retailers like Amazon and Victoria’s Secret.
  • Blackcoin. A proof-of stake verification system requires users to stake coins from their own wallet for the right to verify a Blackcoin block. If the block isn’t verified, the coins are spent. This makes for a quicker mining process that consumes less power.
  • Dash. This cryptocurrency prioritizes anonymity by using “Masternodes” to complete multiple transactions at once. There is no public ledger, which makes it harder for others to observe your savings and transactions.
  • Litecoin. Started by a former Google employee, litecoin caught on quickly and is accepted by more retailers than some other cryptocurrency. Litecoin plans on releasing a total 84 million coins — far more than bitcoin’s 21 million.
  • Dogecoin. This cryptocurrency created the hash algorithm Scrypt, which was supposed to prevent large companies from monopolizing its mining. That didn’t work, but it still has a large following.
  • Peercoin. Its hybrid proof-of-stake/proof-of-work system sets this cryptocurrency apart. There’s also no hard limit on the possible number of coins minted, though it’s designed to eventually attain a 1% inflation rate.

Conclusion: Cryptocurrency is future currency .

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