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crypto currency 2020


(Latest) Crypto currency 2020 ; How it works, Indian crypto currency, value, Market capital

cryptocurrency
crypto currency

want to know what s crypto currency ?  Why it is used ? How it works ? what makes it special ? How many currencies are there ?  I will tell you all the information regarding  this topic in the easiest way, so let’s start



Meaning

A crypto currency is a digital or virtual currency that is meant to be  medium of exchange , wherein an Individual coin ownership records are stored in digital ledger or computerized database using strong cryptography to secure transaction record enteries to verify the transfer of coin ownership


Cryptography

Here Crypto  refers to cryptography  . cryptography is a method of using the encryption and decryption to secure communication in the presence of third parties with ill intend.
Cryptography usually requires a computational algorithum  (like SHA256) a Public key (that the other shares with everyone ) and a Private key which acts like digital signature of user .


How it works ?

When we do an online transaction our bank act as mediator which work with govt. and control our currency  . But in case of crypto currency there is no mediator there are only two person who exchange currency either but it or sell it .  Both of them  does not  know each of them personally . A bitcoin address is generated & transaction takes place.


Every transaction is recorded in blockchain , and its ledger is accessible to all anyone can go and check each and every transaction even the very first transaction in ledger .

 what is  blockchain ?.


All the transaction are stored in block and when a block is full data is stored in another block and the second block contains address of first block  . This called Blockchain




These block chain are maintained by  Block miners . Block miners are the person who maintain the record of transaction in Blockchain . Block Miners get bitcoin in the exchange of service . The new bitcoins are given to them  and this is also the method by which new coins come to Market .

What makes crypto currency  so special ?
  •  24/7 acess to money
  •  No limit on purchase & withdrawal.
  •  Freedom for anyone to use .( require some paperwork and permission )
  •  International transaction are faster
some crypto currencies List
  •  Bitcoin
  •  Ethereum
  •  Ripple’s XRP
  •  Bitcoin cash
  •  Bitcoin SV
  •  Tether
  •  Litecoin
  •  EOS
  •  Monero
  •  Binance coin



Many crypto currency available but the most popular ones  are  Bitcoin , LItecoin , Ethereum  , Z-cash.



Two major crypto currency :  Bitcoin and Ether

Bitcoin : It is form of digital currency & decentralized without a central bank . It uses a blockchain  to perform transaction on a peer to peer Network..

Ether : It is a currency that accepted in the Ehtereum Network . It works on blockchain technology to create a open source platform to build & display decentralized application.

Similarity
1.  They are the biggest & most variable cryptocurrency.
2.  Both of them use blockchain & mine currency using proof with work.


Difference

Bitcoin
Ethereum
It is used to send money to anyone .
It is used as currency in the Ethereum Network.
Bitcoin transaction are manual
Ethereum transaction are manual and automatic
It is slow takes 10 min to perform transaction.
It is fast  can take 20 sec to finish the transaction.
It is used like money for real world transaction.
It is used to power the Ethereum Network & power real life transaction.
There’s a limit to how many bitcoin exist i.e. 21,000,000
It is expected to be continuous but not expected to exceed 100,000,000.

Crypto currency value & Market capital



Name
Value (in dollar)
Market Capital
Bitcoin
9,441
170.58B
Ethereum
236.540
25.69B
Ripple
0.1918
8.32B
Bitcoin cash
239.5096
4.34 B


Crypto currency value & Market capital





Currency that is used in India is Bitcoin  .  Bitcoin  is a decentralized digital currency which operates without any mediator.
Now what does Decentralized  mean ?
 Decentralized means that have no owner or no agency to control the currency .
Bitcoin is high degree asset and  the  value fluctuates most frequently .   The RBI and govt. had virtually banned crypto currency trading as in circular issued on Apr 6 2018 ,  but supreme court had said this will allowed soon  in India also.



Facebook currency




Libra is a permissioned blockchain digital currency proposed by the American social media company Facebook . The currency and Network do not yet  exist, and they have to used the existing ones .
Thank you, I hope the information is useful for all of you . This is my first blog keep supporting 







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