what is crypto currency and changes of life

in hive-196725 •  3 years ago 

cryptocurrency:-
A binary data designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of a computerized data base using strong cryptography to secure transition records, to control the creation of additional coins and to verify the transfer of coin ownership. When i was reading at 9th standard i heard about Satoshi group (Bitcoin), but at the time i did not get the bitcoin, time passed on one day i was at social media my friend from Bangladesh shared a link with me regarding cryptocurrency i got confused for registered my self to bitcoin, i asked some questions to my bestie what is the matter they replied me it is a decentralized currency trust me brother register yourself and you will be fruitful in future. It was the day in 2013 to 2014 when the price of bitcoin was only 23 dollar.

So finally i decided to buy bitcoin, but unfortunately my wallet was empty and cannot afford 23 dollars and bitcoin escapes from my wallet. time passed on, it was 2018 my cousin brother #alexcarlos was writing posts/ blogs on steemit i saw and insisted him to let me know about steemit, and he gives me full knowledge about steem, but i was in illusion what is crypto and what is blockchain, how it works, later on i use google and youtube and gain almost full knowledge about cryptocurrency. After that i searched wazirx and download at playstore and invest with little amout, time passed on and i invest with huge amount and got profit within a month then i thinked it is the best to to take a big risk to earn money through blockchains. finally i would suggest to everyone if anybody have good amount and want to invest for future generation then i would suggest you cryptocurrency.

image.png

Cryptocurrency currency does not exist in physical form like paper money and it is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as opposed to a central bank digital currency (CBDC) When a cryptocurrency is minted or created prior to issuance or issued by a single issuer, it is generally considered centralized. When implemented with decentralized control, each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.

What is blockchain.

The validity of each cryptocurrency's coins is provided by a blockchain. A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. By design, blockchains are inherently resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way". For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.
Blockchains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been achieved with a blockchain. (Source wiki).

image.png

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

I think you should take part in the newcomers academy for the blockchain. Where you can demonstrate your knowledge of the crypto. And that would also earn you good amount of votes too :)

#affable #india

My post has any problem brother tell me the bitter truth