Everyone must be knowing about cryptocurrency by now, atleast heard of Bitcoins. It is the currency that acts as ransom for mostly all ransomwares available. Let's have a short walkthrough about cryptocurrency.
Consider INR, they are issued by Reserve Bank of India and they regulate amount of currency that is in circulation, whereas these cryptocurrencies are not owned by any Government or Bank, they are decentralised.
Ok you are telling me it is decentralised then how someone is telling i own this much bitcoin? All transactions are managed by ledgers. If you are sending money to me it will be marked in ledger. Ok who owns the ledger? There are millions of nodes (Computers) having the ledger across globe, one entry made to the ledger will be updated in all the ledgers available across globe.
What are all the ways to own cryptocurrency?
1. You can purchase it with real money.
2. You can MINE it.
Second choice is preferred by many.. but i am not gonna deal mining topic due to some reasons...
Can i exchange bitcoin if i mine or buy in future to real money? Yes you can for sure unless you forget your wallet id and Government don't ban exchange services..
Is cryptocurrency safe? Since there is no centralised party and its purely machine dependent one can't provide 100 percent safety but it is safe..
Is there any coin other than Bitcoin? There are many many coins like Bitcoin...
Any other doubts or comments or suggestions.. mostly welcome. Thank you
P.S: This post is to create awareness only and not to create any negative impact.
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