what is cryptocurrency [bitcoin], cryptocurrency mining, and cryptography?

Hello everyone, I hope today's a good day for all. Now in this article let's see about what is Cryptocurrency? or also commonly called bitcoins. Actually, bitcoin is a type of cryptocurrency. Let's look at these things in detail.

Also, we will see about some basic terminologies involved in crypto or cryptocurrency. They are mining and cryptography.  We look at these terms in the latter part of this article. Now let's continue.


a-bitcoin


    1)INTRODUCTION


    I heard a lot of questions and in recent times I heard a lot about these cryptocurrencies, bitcoin, etc. So I wanted to write an article about them and here I am. So let's get started. But before that a quick thing I also have a youtube channel where I upload similar educational content, be sure to visit the channel by clicking here and also subscribe. Now moving to the topic.

    2)What is cryptocurrency?


    It is a digital or virtual currency which essentially means it is all an online process. Cryptocurrency is used to buy goods, services, and works as a medium of exchange.

    It uses an online ledger to secure online transactions. This ledger stores the records of individual coin ownership

    This ledger is secured using a very strong cryptography technique, now we will see about cryptography soon, but let's look at the ledger some more.

    The ledger is used to monitor and verify the transfer of coin ownership and to control the creation of additional coins this technology is called blockchain technology.

    Cryptocurrency is bought with a credit card or it can be obtained through a process known as Mining.
    Yep, the Cryptocurrency mining I was talking about earlier.

    The cryptocurrencies earned is stored in digital wallets online on computers or on other hardware.

    So now let's look at the two basic definitions that I  have been talking about

          a)Types of cryptocurrencies.


    There are approximately 5000 to 10,000 types of cryptos or cryptocurrencies. The most famous is the BITCOIN  which is the first cryptocurrency to be released in 2009 as open-source software.
    Some names if these cryptocurrencies are
    1.Bitcoin
    2.Etherum
    3.XRP
    4.Tether
    5.Litecoin
    6.Bitcoin cash and many others


    4-types-of-cryptocurrencies


          b)Advantages


    1)Using cryptocurrencies and bitcoins we can transfer funds directly between two parties easily
    2)The fund Transactions are processed with minimum fees.
    3)One of the main advantages of using cryptocurrencies is that there is no involvement of third parties.

          c)Disadvantages


    1. Cryptocurrencies are used for many illegal activities like money laundering and tax evasions.
    2. Bitcoins and cryptocurrencies aren't backed up by governments.This means that crypto on online is not as safe as money in a bank.
    3. As a matter of fact, the use of cryptocurrencies is not permitted in some countries like China and Russia.

    3)What is cryptography?


    It is the method of protecting information through the use of codes. It converts the data to unintelligible code and vice-versa so that no one except the intended person can read it.


    The word "crypt" means hidden or a vault and the word 'graphy' means writing.


    4)What is Mining?


    As mentioned above  👆👆👆👆👆👆  it is a method of earning bitcoins or cryptocurrencies. By mining, users can earn cryptocurrencies without having to pay for them.

    It is a process in which transactions between the users are verified and added to the blockchain public ledger. It consists of highly complex math problems that are solved by powerful computers.


    bitcoin-dollars-money


    So I hope you would have gained some basic understanding and definitions of cryptocurrencies and other related terms like cryptography and cryptocurrency mining and a little about blockchain.

    In case if you want to know about 10 facts or news about cryptocurrencies and bitcoins that everyone must know check out this video or read my blog post.

    5)CONCLUSION


    Thank you for reading the post till the end and if you have any doubts or other questions comment here in the blog itself or head over to my youtube channel BRAINY TRIVIA and leave that in the comments.

    Thank you again and all have a nice day.






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