What is Cryptocurrency ? How does it work ?


What is Cryptocurrency ? How does it work ?

What is Cryptocurrency - Do you know what cryptocurrency is? aware of it. If not then today we will know what is Cryptocurrency. There are many types of currency in the world, with which we do transactions. When we buy something, we give some money to the shopkeeper in return, which is a kind of currency. Different currencies are used in different countries of the world. However, in today's time everything has gone online, so we do currency transactions online only.

What is Cryptocurrency ? How does it work ?

If you live in India, you transact money online. But there is also a currency which is completely digital currency. We know this currency by the name of cryptocurrency. Today in this article we will learn what is crypto currency and how to buy it, what are the benefits of crypto currency and all the important information related to it. So let's first know, what is cryptocurrency

What is cryptocurrency ?

Cryptocurrency is a kind of virtual currency, it is not governed by any country. Cryptocurrency is a completely independent digital currency. Which is used digitally. A digital signature is used to verify your transactions, all this information is protected with the help of cryptography. It is based on peer to peer electronic system which is built on computer algorithm through internet.

What is the meaning of crypto currency Crypto currency is a type of virtual or digital currency, which does not have any physical form. We cannot touch it like the Indian rupee, because it is not printed on any kind of paper or metal. Cryptocurrency is a currency created entirely by computer algorithms.

How to invest in cryptocurrency ?

Nowadays you can invest in cryptocurrencies very easily. However, some time ago investing in cryptocurrencies was very difficult. But nowadays there are many such websites and apps on the internet where you can invest in crypto currency. But choosing the right platform out of these is very important. If we talk about the best cryptocurrency investment apps in India, then Wazir X App is the best app among them. You can invest in any crypto currency here.

How does cryptocurrency work ?

Cryptocurrency operates through computer networks. It is actually based on blockchain. All transactions are recorded here. Here all transactions are monitored by computer. This type of activity is called cryptocurrency mining. There are also many cryptocurrency mining software available on the internet.

As mentioned above, all cryptocurrency transactions are stored within the blockchain. The entire security and encryption of this blockchain is done by the miners. Therefore, by solving a cryptographic puzzle, miners get a better block code. When a miner finds the correct block code, it is added to the blockchain.

It is then verified by the computer network, a process of verification called consensus. Then, when the verification process is complete, the consensus is fully secured, after which the miner who secured it is awarded some cryptocurrency coins. These cryptocurrency coins are a kind of reward for miners, these coins are called "proof of work".

cryptocurrency value 

As you have already been told that crypto currency is a type of digital currency. It cannot be kept in the bank like notes or coins. We also know it by the name of electronic money. But you can buy anything online with cryptocurrency. Also you can invest in it, you can also do trading.

If we know about Cryptocurrency Value, then it is done in the world's most expensive currency. Although the world's most expensive currency is the Kuwaiti Dinar, the cryptocurrency is thousands of times more expensive than the Dinar. And its price never stays at one place, it keeps on going up and down, if we see the records of the last few years, then it is getting costlier day by day.

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