Topic: What is cryptocurrency? (Read 70 times)

Thanks for the advice.

Yes, my comments are too long.   But I have presented here all the information about cryptocurrency step by step.  So that one can easily understand from here.

Yes, my comments are too long.   But I have presented here all the information about cryptocurrency step by step.  So that one can easily understand from here.

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Yes, my comments are too long.   But I have presented here all the information about cryptocurrency step by step.  So that one can easily understand from here.

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Thanks for the advice.

This type of thread will likely get deleted.

Come on OP, make some interesting topic that has not been discussed here before.

Not only is it long but it doesn’t really bear any unique information. This could help in the beginner section since a lot of what you just explained are what I would consider basic knowledge about crypto. A lot of members here in the forum, particularly in this section, already know everything you just said.

A few more points:
Your title seemingly is just about explaining cryptocurrency but you explained it in too much detail even going further as to other topics such as wallets and its types. My recommendation would be to cut your paragraphs into sub-topics so that it’s not just one big block of paragraph. For example:


This would also make your post more appealing. This is just a recommendation to ensure better quality posts but I appreciate your knowledge and eagerness to share it.

Your thread is too long, let me conclude.
Cryptocurrency, or cryptocurrency, is a form of digital money that uses cryptographic technology for security. Unlike traditional currencies issued by governments or banks, cryptocurrencies typically operate on blockchain networks, which distribute digital ledgers that record transactions securely and transparently. Examples of popular cryptocurrencies include Bitcoin, Ethereum, and Ripple. They enable peer-to-peer transactions without the need for third parties such as banks and are often used as investments or digital exchange tools.

Cryptocurrency is a type of decentralized digitized digital money.  Its main basis is advanced technology like block chain technology.  Cryptography ensures transaction security.  Before knowing about cryptocurrency we need to understand about cryptography, block chain and decentralization.  In the case of cryptocurrency, block chain is a type of digital ledger that can only be used by authorized users.  All types of transaction information is stored in this ledger system.  These transactions can involve all types of assets, both fixed and immovable.  The information contained in the block chain cannot be changed in any way.  No government or central regulatory authority regulates cryptocurrency or its transactions.  For this reason it is called decentralized or digital money.  The idea is that cryptocurrencies work outside of the conventional banking system.  Cryptocurrencies are exchanged online.All information of such exchange is confidential.  Most of the time it is unknown.  Instead, a method called cryptography is used.  Cryptography was invented during World War II to communicate secretly and securely.  In this method, information written in conventional language and symbols is written in a code that is almost impossible to break.  Now let's know how many types of cyptocurrencies actually are.  Currently, there are more than a thousand cryptocurrencies in use in the world.  But Bitcoin, Ethereum, Ether, Binance Bind etc. are ahead in terms of exchange rate.  And the most popular of these is Bitcoin.  Its exchange value is the highest.  Bitcoin was created by Satoshi Nakamat in 2009.  Now let's know how digital currency works.  Each cryptocurrency is created in a complex process called mining, but in this process you will need to solve some specific mathematical puzzles.And the company system will be needed to solve those puzzles.  After creating cryptocurrency in the mining process comes the matter of selling and storing it.  Stored in various digital wallets.  Digital wallets are again of two types.  Hot and cold.  What wallet is connected to the internet and is easy to steal and fraud.  Cold wallets on the other hand are not connected to the internet.  Although it is more secure, it is more difficult to conduct transactions.  Cryptocurrency is exchanged from one digital wall to another.  Through this transaction, goods and services can be bought with cryptocurrency.  Every transaction of all cryptocurrencies is monitored through an extensive network of numerous computers spread across the globe.  Each has its advantages and disadvantages, so we will now explore those aspects of cryptocurrency.  Transaction system, structural security and anonymity are two of the most important advantages of cryptocurrencies.  Once a transaction is made in this system, it is difficult to reverse it, so this transaction system is irreversible.  Again, many people compare it with gold saying that the effect of inflation is very low in this system.  On the opposite side of the advantage lies the disadvantage.  The main advantage of cryptocurrency is that it is not common sense.  The main reason is that the whole system is quite complex.  The main reason to be attracted to cryptocurrency is the opportunity to make huge profits with low investment.  If the price suddenly drops again, there is a risk of going down the street.  Simply put, the risk in the crypto currency market is very high.  On the other hand, it is alleged that its use is the most in various criminal cases due to the complete concealment of the user's identity.