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Understanding Cryptocurrency

The very first cryptocurrency, Bitcoin, created in the year 2009 still holds the top position in the

global market even though there are tons of cryptocurrencies created after that.

The very first cryptocurrency, Bitcoin, created in the year 2009 still holds the top position in the global market even though there are tons of cryptocurrencies created after that. Merging together, as an alternative to the bitcoins, these are commonly known as altcoins. In general, cryptocurrencies are digital or virtual currencies which make uses of cryptography for maintaining its security. It is really a hard job to counterfeit cryptocurrency as its security feature is highly advanced and updated. The world of cryptocurrencies has made everything simpler and due to the same, the money transfer between two parties is now hassle-free. For the transaction to be secured, it is carried out through private as well as public keys. The money transfer is done with the least processing fees, thus helping the users to get rid of the huge amounts charged by the financial institutions and banking sectors to perform wire transfers. Confused with the technical terms? Cool!!! Taking away all the noises, cryptocurrencies are nothing but limited entries within a database which none can amend without clearing specific conditions. This is simply a currency that is linked with web and uses cryptography for its tracking and transferring processes; converting the readable data into a code which cannot be cracked. The cryptocurrencies are specially created for decreasing the production of funds, thus marking an end to the overall amount of currency that is being circulated. The most beneficial part is that, unlike the other ordinary currencies, cryptocurrencies are hard to get attacked by the law enforcement.