A SHORT NOTE ON CRYPTO CURRENCY

Introduction

• Simply A crypto currency is a digital currency.
• Amedium of exchange like normal currencies.
• Crypto currencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies

History

• In 1998, Wei Dai Published a Description of “B-Money”, an anonymous, distributed electronica cash system.
• Nick Szabo created "bit gold" Like bit-coin and other crypto currencies.
• The first crypto-currency to capture the public imagination was Bit-coin, which was launched in 2009 by an individual or group known under the pseudonym Satoshi Nakamoto

 

 What is the purpose of Crypto currency?

• A crypto-currency is a medium of exchange like normal currencies such as USD, but designed for the purpose of exchanging digital information through a process made possible by certain principles of cryptography.
• Cryptography is used to secure the transactions and to control the creation of new coins

 

Characteristics of Crypto Currencies

• Use a number of different algorithms Traded in different ways
• Main characteristics that should consider by the customer are ;

1. Market capitalization and Daily trading volume
2. Verification Method Retailer acceptance

 

 Mining

• Mining programs tap into your computer's hardware resources and put them to work mining Bit-coin,
• Litecoin, or another type of crypto-currency.
• And no, even if your hardware is used to generate money for them, you don't get any of it.
• They get all the money from putting your hardware to Work

 

How do crypto-currencies work?

Crypto-currency is an encrypted decentralized digital currency transferred between peers and confirmed in a public ledger via a process known as mining.

First, let's review the basics and essentials of cryptocurrency, and then we will do an overview of the other properties that have made crypto-currency what it is today

 

 Getting a digital wallet

• If we want to receive, store, or send EUR, you need a bank account. In the crypto world, you need a digital wallet.
• There are many wallet types and providers.
• To buy coins and set up a wallet with Coin-base you’ll need your ID, credit card or bank account details

 

 Economics

• Crypto-currencies are used primarily outside existing banking and governmental institutions, and exchanged over the Internet.
• As of June 2017 total market capitalization of cryptocurrencies is bigger than 100 billion USD and record high daily volume is larger than 6 billion USD.

 

 Conclusion

• As you can see, any crypto-currency until now is not perfect.

• It have many advantages; however, it also has it  disadvantages.

• This is mostly due to the fact that it is still a relatively young and new currency.

• People are just beginning to become more aware of it.

• In order for Crypto-currency to succeed, more people need to understand what it is.