The Future Of Cryptocurrencies & Bitcoin

By Anmol Pandey

Cryptocurrency is a digital version of money where the transactions are done online. A cryptocurrency is a medium of exchange just like your normal everyday currency such as the USD, but designed for the purpose of exchanging digital information through a process known as cryptography.

With this ebook you will learn:

What Is Cryptocurrency?

How DoCryptocurrencies Work?

How Are The Cryptocurrencies Value Determined?

What Is Cryptocurrency Used For?

Why Cryptocurrency?

Also you will learn about types of Cryptocurrencies available and how to open an account to invest. It will also teach you how to collect more Bitcoin and much more!

• Language: English
• Publisher: Anmol Pandey
• Release date: Apr 11, 2021
• ISBN: 9781393371786

Book preview

1-0 – What Is Cryptocurrency?

What is Cryptocurrency? I am sure many of you are curious about this called "21st century money from the future and due to increased recognition and security, the Cryptocurrency market looks bright in front.

At the end of this e-book, you will definitely know more about cryptocurrency than most people there. For this first chapter, we will cover 5 topics:

1.  What Is Cryptocurrency?

2.  How DoCryptocurrencies Work?

3.  How Are The Cryptocurrencies Value Determined?

4.  What Is Cryptocurrency Used For?

5.  Why Cryptocurrency?

What Is Cryptocurrency?

This is one of the most frequently asked questions out there. What is Cryptocurrency? To make it simple, Cryptocurrency is a digital version of money where transactions are carried out online. Cryptocurrency is the same exchange media as your normal currency every day is like USD, but is designed for the purpose of exchanging digital information through a process known as cryptography.

Cryptocurrency, who was always the first success emerged from the discovery of Bitcoin, by Satoshi Nakamoto. This is then followed by the birth of other Crytocurrency types that compete with Bitcoin.

How Do Cryptocurrencies Work?

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The reason why Cryptocurensie in the current request was because Satoshi Nakamoto managed to find a way to build a decentralized digital cash system. What is the decentralized cash system?

The decentralization system means this network is powered by its users without having a third party, the Central Authority or Intermediary that controls it. Not a central bank or the government has power over this system.

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The problem with a centralized network in the payment system is double expenses called. Double expenses occur when one entity spends the same amount twice. For example, when you buy an online item, you must be charged an unnecessary and expensive transaction fee. Usually, this is done by a central server that tracks your balance.

This is best known as Blockchain technology. Cryptocurrency comes from the word cryptography, which refers to the consensus maintenance process that is guaranteed by strong cryptography.

Blockchain technology functions in managing and maintaining a series of developing data blocks, and this by using decentralized or known as P2P (peer to peer) networks. In blockchain, after a recorded data recorded, it cannot be edited or changed.

To enter it in a simpler term, this allows you to send gold coins via email. The P2P network is a consensus network, which allows new payment systems and new digital money transactions.

Let's illustrate the example. Cryptocurrency like Bitcoin consists of a network of his own colleagues. Each colleague has a complete historical record of all transactions and balance of each account.

At the end of each transaction and after confirmation, the transaction is known immediately by the entire network. The transaction includes a process in which A