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What is Cryptocurrency, How to use it ? How can I buy and use cryptocurrency?

What is Cryptocurrency, How to use it ? How can I buy and use cryptocurrency?

What is Cryptocurrency – Cryptocurrency is a digital or virtual currency which is worked as medium of Exchange without third party. Virtual Currency that uses cryptography for security.

  1. Cryprtocurrency is a digital Currency created and stored electronically in Block chains.
  2. Cryptocurrency uses encryption techniques to control creations of monetary units and to verify the transfer of funds so it is very secure.
  3. Cryptocurrency has no physical form and is also not redeem in another commodity like Gold.
  4. cryptocurrency is not determined by any central bank and the network is completely decentralised.
  5. When you buy or Receive cryptocurrency you are given a digital key to the address of that currency. You can use this key to access and validate or approve Transactions. You need a place to keep your key safe, which is known as cryptocurrency wallet.

How are cryptocurrency records kept?

The Digital Public Ledger on which all transactions are recorded is called the Block chain. Each record or series of records on the blockchain is known as a block

 1 . Bitcoin

Bitcoin is known as First decentralized cryptocurrency created in 2009 Satoshi Nakamoto, the unknown inventor of Bitcoin said he Developed “A Peer-to-Peer Electronic Cash System“  His goal was to invent something as many people failed to create before digital cash.

How can I buy and use cryptocurrency?

Cryptocurrency is a volatile market in which exhange rates can wildly fluctuate by day, hours and second.but there are many others to explore, including litecoin, peercoin, dogecoin, monero and ripple.

  • Ethereum (ETH)
  • Litecoin (LTC)
  • Ethereum Classic (ETC)
  • Bitcoin Cash (BCH)
  • Dash (DASH)
  • Ripple (XRP)
  • Monero (XMR)
  • NEO (ANS)
  • NEM (XEM)
  • Dogecoin (DOGE)

when you buy or receive cryptocurrency you will get a digital key to the address of that currency.You can use this key to access and validate or approve transactions to save this key safe there is Wallet known as cryptocurrency wallet. There are a number of cryptocurrency wallets.

Desktop wallets

Online wallets

Mobile wallets

Paper wallets

Hardware wallets

Cryptocurrencies offer a new way of storing and spending money anonymously and without the use of a centralized bank or financial institution

Updated: January 1, 2018 — 12:37 pm

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