Cryptocurrency-A new era in Banking…! Part-1.
Cryptocurrency is decentralized virtual currency which is produced by the entire digital currency system collectively. In centralized banking, government control the supply of currency.
What is Cryptocurrency or virtual currency or digital currency?
The underlying technical system upon which decentralized cryptocurrencies are based was created by the group or individual known as Satoshi Nakamoto. Decentralized cryptocurrencies have predefined limits.In case of decentralized cryptocurrency, companies or governments cannot produce new units.
The security of cryptocurrency ledgers is based on the assumption that the majority of miners are honestly trying to maintain the ledger, having financial incentive to do so.
Most cryptocurrencies are designed to gradually decrease production of currency. placing an ultimate cap on the total amount of currency that will ever be in circulation, mimicking precious metals. Compared with ordinary currencies , cryptocurrencies are less susceptible to seizure by law enforcement. Existing cryptocurrencies are all pseudo-anonymous. Zerocoin addition will allow true anonymity.
To be continued in part-2.
In part-2 of cryptocurrency post we are going see where to buy cryptocurrencies like bitcoin, etherium,lite coin etc. Also how to earn digital currency, what is bitcoin mining and many intresting things related to virtual currency.
thank you. please comment. give feed back. suggestions are welcome..!