Hi, Here I am Present to discuss, what is CryptoCurrency?. Cryptocurrency is a very hot topic nowadays in the market of money transaction or IT Field.
CryptoCurrency Word is made from the combination of two words i.e. Crypto + Currencies.
Crypto word is a short form of “Cryptography” which is used in Computer technology to transfer the data from one end to another end in encrypted form. Also, we can say that cryptography is used for security, hiding information, identities and more.
Currencies are just a medium of exchange, Simple Money, Coins etc.
Cryptocurrency is nothing but the kind of platform which allows the user to exchange the money, transferring the money or we can send the currency to one end to another end in the Digital Form, Virtual Form. Cryptocurrency sends the data in encrypted form and also hide the information of both users.
According to Wikipedia,”A cryptocurrency (or cryptocurrency) is digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets”We can understand it via diagrams below:-
Drawbacks of Cryptocurrency:-
I hope you all understand the basic concept of cryptocurrency. If any further detail you can follow the Link https://cryptocurrencyfacts.com/
Thanks & regards