What is Crypto currency?
Crypto currency (aka virtual Currency or Digital Currency) is a medium of exchange like normal currencies such as INR or USD but designed for the purpose of exchanging digital information (data) through a process made possible by certain principles of cryptography. In simple words, crypto currency is a digital version of money where the transactions are done online.
The crypto currency appeared almost 10 years ago, but these days, no one is sure who invented Crypto currency. Whether it was a person or a group of person who invented it. Crypto currencies have become a global phenomenon today and most people are aware of its importance.
List of most important Crypto currencies:-
How does Cryptocurrency work?
Cryptocurrency is commonly stored in digital wallets that run on the Blockchain(a kind of database that records Bitcoin transactions).
Cryptocurrency Transaction cycle
Let’s take an example of Bitcoin cryptocurrency. In the beginning of the transaction, a user goes to an online transaction to convert authorized currency to Bitcoins and they store them in Bitcoin wallet. Then they send request to Bitcoin network for a purchase. There are so many online merchants exists who started accepting bitcoin. Then Bitcoin network “Bitcoin Miners” maintains a blockchain, to verify every transaction. Its take around 10 minutes to verify. After verification data is broadcast to all users and ledger is updated on blockchain where all bitcoin network relies on. This entire process called “Bitcoin mining”.
Cryptocurrency future in India
As per sources future of Cryptocurrency is very profitable. Ethereum is skyrocketing and rising right now. Actually, this is the right time to invest, buy, sell, trade and make money using Ethereum. Ethereum is like bitcoin and there is a growing demand for Ethereum. Moreover, you can mine free Ethereum and that can give you some Ether. Mining is very beneficial and few friends of mine have done this.
If you have your own mining rig then go, grab this chance and make some pretty profits.
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