Everything you should know about cryptocurrencies

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EVERYTHING YOU SHOULD KNOW ABOUT CRYPTOCURRENCY
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CRYPTOCURRENCIES
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WHAT IS THE ORIGIN OF THE CRYPTOCURRENCIES
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WHAT ARE THE PROPERTIES OF CRYPTOCURRENCIES
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THE DOUBLE SPENDING ISSUE
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CRYPTOCURRENCIES

• The world of crypto is completely different and
  in no way similar to the fiat. It runs on digital
  currencies. How are these currencies regulated?
  Are these controlled by political bodies? Are
  these centralized? How safe is it to have or
  store these? Well, you will find the answer as
  you read along.

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WHAT IS THE ORIGIN OF THE CRYPTOCURRENCIES

• Back in the year 2009, Satoshi Nakomoto found a
  new type of currencies that were regulated by
  math. In the early days, all the efforts to
  create cryptos failed. In fact, Satoshi Nakomoto
  himself did not intend to create virtual money.
  All he did was try to find a decentralized cash
  system, just like a decentralized peer-to-peer
  file sharing system without a central authority.
• This is an internet-based exchange medium where
  the transaction takes place on the blockchain
  ledger. This blockchain technology fuels its
  decentralization, transparency, and immutable
  nature.

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ONE STEP FURTHER TO UNDERSTANDING
CRYPTOCURRENCIES

• It is significant to mention that the central
  authorities do not control the cryptos. I.e no
  regional, state, national or even international
  governing bodies can claim ownership of it.
  Therefore the people who hold cryptocurrencies
  arent answerable to the government (unless it is
  illegal in their region). To be even more
  precise, it is immune to the old ways of
  governments control and interference.
• The cryptos can be sent directly to the person
  concerned without depending on the money transfer
  mediums. This is possible with the private and
  public keys that each person holds. When the keys
  match the transaction takes place. This avoids
  the huge transaction fees levied by the
  companies.

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THE DOUBLE SPENDING ISSUE

• In a centralized monetary system, the single
  authority keeps track of all the transfers made.
  However, when it is a decentralized system, such
  a ledger is missing. So how do you manage the
  double-spending issue?

• The nodes do it. Yes, the primary function of the
  nodes is to verify the transaction and make sure
  that the money is not spent twice. The nodes
  receive a certain reward for verifying it. When
  the bitcoin is spent, and the transaction takes
  place, the node that verifies the transaction
  sends message to the other nodes in the same
  block. Hence all the nodes now know which bitcoin
  was spent and which still remains unused.

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WHAT ARE THE PROPERTIES OF CRYPTOCURRENCIES
IRREVERSIBLE
NO IDENTITIES

• Your real-world identity will not be connected to
  the cryptocurrencies. As said earlier, the
  transaction happens when the private and the
  public keys match. No Jack no Tom. Only a set of
  thirty characters.

• Once a transaction is made, it is made. It cannot
  be reversed. If you have sent it to the wrong
  person, then end of the story. You can expect the
  transaction to be reversed at any cost. Not even
  the miners/ nodes who confirm the trade can do
  it.

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WHAT ARE THE PROPERTIES OF CRYPTOCURRENCIES
FAST AND GLOBAL

• In fiat, you need to pay a huge amount when
  converting one currency to another. It is not the
  same in cryptos. The fee is negligible. Having
  said that, the value of crypto is not too stable.
  It is highly volatile.

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WANT TO
CREATE YOUR
CRYPTOS

• Blockchain Firm is the right place for anyone who
  wants to develop cryptocurrencies and excel in
  the crypto race. They build flawless cryptos and
  provide end-to-end cryptocurrency development
  service for all the domain.

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