08 Nov
Cryptocurrency

What is Cryptocurrency?

Cryptocurrency, one of the most popular topics of recent times, has gone through a serious upswing, and many people have become interested in it. Digital currencies, which came into our life about 10 years ago, started to increase and appreciate in a silent way. What is crypto coins? What does it do? Cryptocurrency is a virtual currency created by using cryptology science for security purposes. These currencies are mathematically encoded and appear everywhere. The only reason why crypto currencies are so valued and attracted attention today is that they do not belong to a central authority. Therefore, users see this currency more reliable.

First Cryptocurrency

Crypto coins were first unearthed by someone named Satoshi Nakamoto under the name “Bitcoin”. But this is a pseudonym and it is not known who actually found this virtual currency. Bitcoin is open source software and therefore there is no clear information about whom or which group Satoshi Nakamoto refers to. Crypto currencies have no central authority. Therefore, the production of money is realized by a user-based system. Each crypto currency has a production limit. For example, Bitcoin has a limit of 21 million. Therefore, the demand for money is increasing day by day because it is difficult to find because money is not produced. This is also true for other crypto currencies.

HOW IS CRYPTO MONEY PRODUCED?

Crypto money production is called mining. So you might think like digging to find gold. However, the only difference from this is that gold digging is performed in digital environments. To find crypto currencies, math problems are solved by software. For this, it is necessary to have a powerful computer and internet connection. Anyone who does this can easily enter the business of producing crypto money.

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