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Cryptocurrency

Cryptocurrency is a digital currency that helps in securing transactions, controlling the creation of additional units and verifying the transfer process through a technique called cryptography.

Cryptography is a technique that is mainly used to secure information from the third party or public, allowing only the user and client to have knowledge about it. In cryptography, there are large numbers of keys that are paired together. These paired keys need not be identical.

There are two types of keys. They are,

  • Public Key

  • Private Key

The public and private keys are often used by cryptocurrency users for transactions. While the public key can be shared with everyone, the private key is always kept as a secret. Both of the keys can be used for encryption but only the private key is used for decryption.

These cryptocurrencies do not have any physical representation. They may be used for online or user to user transactions. The transactions between users are mainly through mobile payment or digital wallet.

There are various kinds of cryptocurrencies available in today’s market, but the most prominent one is bitcoin. Bitcoin transactions consist of heavily encrypted codes from one user to another user. The address of these transactions is stored is stored in user’s private key, which is known only to the user. Other cryptocurrencies include Dash, Ripple, Litecoin, Peercoin, ether, dogecoin etc.

Some of the major benefits of cryptocurrency include Identity of theft, immediate settlement, lower fees, access to everyone, recognition at universe level and no other electronic cash system.

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