Introducing cryptocurrency

Transactions are conducted using the cryptographic functions of

cryptocurrency, which is a medium of exchange based on the Internet.

Blockchain technology that offers decentralization, transparency, and

immutability is leveraged by cryptocurrencies.

A digital asset that works as a medium of exchange using cryptography to

secure transactions, controlling the creation of additional units, and

verifying the transfer of assets, which unless specific conditions are met,

cannot be changed by anyone as cryptocurrencies are limited entries in a

database.

A form of payment and receipt cryptocurrency can be exchanged online for

goods and services. Companies issue tokens, their own currency, which can

be traded for the good or service that the company provides. To access the

good or service, you will have to exchange real currency for

cryptocurrency.

A decentralized technology that is spread across multiple computers that

manage and record transactions are used to work with cryptocurrencies; a

part of the appeal of this technology is security.

You can buy goods, invest, mine, and accept as payment (for business) with

cryptocurrency.

There are around 2,9 00 cryptocurrencies. The top 10 have a market share of

9 0%

. Index—

CCI3 0 CRIX are the most popular ones, and the others are

Bitcoin ($ BTC), Ethereum ($ ETH), Ripple, NEM, IOTA, NEO, Dash,

Qtum, Monero, Ethereum Classic, XRP ($ XRP), Bitcoin Cash ($ BCH),

Tether ($ U SDT), Litecoin ($ LTC), EOS ($ EOS), Binance Coin ($ BNB),

Bitcoin SV ($ BSV), and Stellar ($ XLM). The top 10 cryptocurrencies’ total

value is $ 19 4bn. It is estimated that by 2025 —

10%

of global GDP value

will be in blockchain technology.

There are different trends like industry-specific currency. Examples include

the oil sector, the dental sector, and the photography sector, which came out

with specific currency for their domain.

Cryptocurrencies are digital, unlike most of the traditional currencies, and

entail a different approach when it comes to storing them. Technically, it is

the private key that you use to sign for transactions that need to be securely

stored instead of storing your units of cryptocurrency.