Ephy
Active member
Cryptocurrency in simple meaning you can say is an umbrella term of a new kind of digital money. Cryptocurrency relies on a combination of technologies that allow it to exist outside the control of central authorities like government and banks. They are completely digital meaning they are literally just lines of computer codes.
The question is if there is no any central bank or government issues or help to create the Cryptocurrency then who does create them? It's simple, units of Cryptocurrency are generated based on predetermined rules written in code which are executed by a software. That's why no government or banks are involved in creating Cryptocurrency.
Cryptocurrencies are also designed to be counterfeit proof, how? This is because Cryptocurrency is involves cryptography and how it uses it to store securely records and transactions. May you are a bit confused let me explain what is cryptography so that you can understand easily. In Cryptography the prefix "Crypt" means "hidden" and the suffix "graphy" means writing. Therefore since Cryptocurrency rely on cryptography for their security that's where the "crypto" comes from in "Cryptocurrency". It's my great hope that now you understand what is Cryptocurrency and how it comes about.
Example of Cryptocurrency is Bitcoin. Bitcoin is a decentralised digital currency that is based on open source software design which is used to transmit value between pseudonyms users.
If you want to know or learn more about Cryptocurrency just comment below and I'll be at your service to answer all your queries or enlighten whatever you want me to discuss with you so anyone feel free to comment or ask anything.
The question is if there is no any central bank or government issues or help to create the Cryptocurrency then who does create them? It's simple, units of Cryptocurrency are generated based on predetermined rules written in code which are executed by a software. That's why no government or banks are involved in creating Cryptocurrency.
Cryptocurrencies are also designed to be counterfeit proof, how? This is because Cryptocurrency is involves cryptography and how it uses it to store securely records and transactions. May you are a bit confused let me explain what is cryptography so that you can understand easily. In Cryptography the prefix "Crypt" means "hidden" and the suffix "graphy" means writing. Therefore since Cryptocurrency rely on cryptography for their security that's where the "crypto" comes from in "Cryptocurrency". It's my great hope that now you understand what is Cryptocurrency and how it comes about.
Example of Cryptocurrency is Bitcoin. Bitcoin is a decentralised digital currency that is based on open source software design which is used to transmit value between pseudonyms users.
If you want to know or learn more about Cryptocurrency just comment below and I'll be at your service to answer all your queries or enlighten whatever you want me to discuss with you so anyone feel free to comment or ask anything.