Know Everything about Cryptocurrency - Short Notes

Cryptocurrency Market Capitalization


Cryptocurrency - Satoshi Nakamoto, the unknown inventor of Bitcoin, A Peer-to-Peer Electronic Cash System.

What is Blockchain Technology? A step-by-step guide than anyone can understand
SRC- blockgeeks.com

  • Miners find the hash – a product of a cryptographic function – that connects the new block with its predecessor. This is called the Proof-of-Work. In Bitcoin, it is based on the SHA 256 Hash algorithm.
  • As incentive miners get a specific amount of bitcoin. The only way to generate a bitcoin
  • Works on Blockchain Technology

properties of Cryptocurrency


  • Decentralized network of peers which keep a consensus about accounts and balances, is more a currency than the numbers you see in your bank account. 
  •  a database which can be changed by people you don‘t see and by rules, you don‘t know?
  • Irreversible - cant be reversed in any case be it a scam or a legit transaction
  • Pseudonymous: Neither transactions nor accounts are connected to real-world identities. You receive Bitcoins on so-called addresses,
  • Fast and global: Transaction are propagated nearly instantly in the network and are confirmed in a couple of minutes. 
  • Secure: Cryptocurrency funds are locked in a public key cryptography system. Only the owner of the private key can send cryptocurrency.
  • Controlled supply: Most cryptocurrencies limit the supply of the tokens. In Bitcoin, the supply decreases in time and will reach its final number somewhere in around 2140. 
  • No debt but bearer: They are money as hard as coins of gold.

Pro's 

  • Cryptocurrency is transparent - all transactions are recorded and monitored.
  • Unlike physical money, large amounts of cryptocurrency can be transported easily without detection
  • Transactions cannot be traced
  • No location barriers,for exchange
  • The BlockChain Tech that it uses is perfect
Con's
  • Lack of knowledge among People leading to mistrust
  • Cannot be recovered if lost, by hard disk getting corrupt, or mistaken formatting
  • cannot be traced
  • subject to market fluctuations
  • Lot's of illegal actives are conducted through it , so you become part of it
  • it is the money we assume so, anyone can start a new cryptocurrency any day, Bitcoin, etherum , Ripple etc
  • can be a bubble. like dotcom crash
  • Banks have started stopping the purchase of cryptocurrency with their cards
  • Not all cryptocurrencies will give you sky-high returns
  • income tax laws do not mention how cryptocurrency gains should be taxed




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