Today when we all are trying to get back to our normal lives after the struck of the pandemic COVID19, there is still something more which we are reading daily but not understanding it i.e. Cryptocurrency.
Although Cryptocurrency is an ocean itself here we are trying to understand the basis of it, lets see some technical terms related to cryptocurrency.
What is Cryptocurrency?
Cryptocurrency is a type of digital currency which uses digital files as money.Tweet
What is BitCoin?
Bitcoin is the best known cryptocurrency.
What are the Types of Cryptocurrency?
There are many types of cryptocurrency such as BitCoin, Ethereum, Ripple, Tether, Shiba, Sandbox etc.
How is BitCoin related to Cryptocurrency?
Bitcoin is the best known cryptocurrency whereas a cryptocurrency is a medium of exchange.
What is Blockchain Technology?
Blockchain is a type of security in cryptography where it uses cryptography encryption to protect every transaction.Tweet
In technical terms blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger.
What is the role of Blockchain in cryptocurrency?
Blockchain forms the bedrock for cryptocurrencies like Bitcoin. By spreading its operations across a network of computers, blockchain allows Bitcoin and other cryptocurrencies to operate without the need for a central authority, by this, it not only reduces the risk but also eliminates many of the processing and transaction fee.
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