Cryptocurrency – Best Cryptocurrency Exchange 2021
In cryptocurrency, the currency means to buy anything to exchange for it. For example, if you want to take goods from the market then you pay for it. Different countries have different currencies. But I’m talking about cryptocurrency here.
Cryptocurrency is the currency of the digital world which we use to buy anything. Since cryptocurrency is a digital currency, it is not in physical form. Like if we are using any currency then we will get it in physical form. Either it is a print on some paper or it is a print on some metal but it is physical. We can see it, touch it, feel and can be given to each other.
It means that it is seen that there is a currency but cryptocurrency is digital it’s not physical. We can just see it on the screen, so this difference between cryptocurrency and real currency. Cryptocurrency is a kind of virtual currency. In this, the information related to the transaction is encrypted and kept in a decentralized database.
Cryptocurrency is based upon blockchain technology so it is a digital currency that is secure through cryptography. Cryptocurrency process point-to-point cash which is based on a computer algorithm, there is no physical proof of it and it is just shown on the screen. Cryptocurrency is not controlled by the government of any country.
It has its own unique value. We can buy, invest and trade with cryptocurrency but can’t keep it in a locker and here locker means bank locker. Because it is in online digit form that’s why it is also called digital money, virtual money, and electronic money and the value of a digital currency is much higher than that of physical currency. But its value is not constant, it keeps on changing.
Working Process of Cryptocurrency
Cryptocurrency works through blockchain. Records of transactions are kept in this and it is monitored by a powerful computer called cryptocurrency mining. Transactions that take place in cryptocurrencies are recorded on the blockchain. That is, it is kept in a blockchain and the security and encryption of that block are done by the miners. When a miner is able to find hash and does it right then it is added to the blockchain. Other people connected to the network verify it and it’s called Consensus.
If the consensus in the block is to be confirmed, so the miner who secures it gets crypto coins. This is a record called proof of work.
It is also called cryptocurrency exchange. Cryptocurrency exchange can pay through normally credit cards and other digital methods. This allows crypto to FIAT money and FIAT money into crypto. FIAT money means print currency on paper.
Top Cryptocurrency Exchange
If we talk about top cryptocurrency exchange so some websites like coinbase, bitfinex, and binance, these are the website that facilitates cryptocurrency exchange top cryptocurrencies. The name of bitcoin comes first in cryptocurrency. But there are many other cryptocurrencies as well.
The first is bitcoin and bitcoin is such a first that has been the most successful and it is the most expensive currency.
Next is the ethereum. It is a decentralized open-source blockchain. It is the second-largest cryptocurrency. Ethereum is the most used blockchain network.
Next is ripple and it is a blockchain network. It is crypto as well as a crypto exchange. So many such cryptocurrencies are available in the market.
It is much easier to sell, buy, invest and trade cryptocurrencies because it has a digital wallet. Cryptocurrency doesn’t need a bank nor is it under the control of any government. Cryptocurrency is very good for investment because its value is very high.
First of all, it is a digital currency and it can be hacked. As I talked that there is no government control over this so its value keeps going up and down a lot and it has no physical existence.
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