Crypto Currrency

CRYPTO CURRRENCY

• Introduction:- Cryptocurrency is a digital asset, which is evolved to overcome the crisis situations like which was happened in US, 2008.In order to face the crisis, people came up with an idea of creating a bitcoin which works as virtual currency, whose theme is named asCRYPTO CURRENCY.

• Features:-It is a digital money and it is internet based, where exchange of money is not physical. As High encryption techniques are used to ensure the security is high and not easily accessible, the risk of losing money is low .it is uncrushable and not hackable. It does not need a central authority to govern it.

Crypto currency is basically a digital medium of exchange, a decentralized system, a peer to peer process and anonymous of user identity.

• First introduced crypto currency is BITCOINS

• Bitcoin transactions are recorded in blocks in a block chain.

• Block is a page or particular section of recorded data. When one block is connected to another block which forms a chain like structure and is popularly known as block chain.

• BLOCK CHAIN: it is distributed ledger or distributed data where data is not confined to a particular computer or system where there will be more chances of manipulating the data.

• ADVANTAGES OF BITCOIN -

Data is registered with lakhs of computers where manipulation is not easy and the data is deemed to be valid and accurate only when 51% of computers shows the same details. This is why block chain concepts stepped up first in security matters. It is more secure than other storages

There are two keys to access a block chain where one is calledpublic key and other one is private key .The public key is used to see the general information of the data of an user. The private key is used to make crucial changes in a block. Changing permanent information in blocks can only be done retrospectively which is time consuming and expensive too.

• ANOTHER FAMOUS CRYPTO CURRENCY

ETHEREUM is an evolutionary technological advancement which works in day to day life transactions or contracts.it is a smart contract, where contact can be executed immediately after the parties to the contract agree to the conditions of the contract. There is no need of third party involvement to govern the contract. It can be used in Long term investments and it is the second most popular cryptocurrency.

• DISADVANTAGES OF CRYPTOCURRENCY

BITCOIN DARK NET- Silk routing, it is a world of illegal activities like drug dealing, mafia, hacking, trafficking happens. They may take the advantage of bitcoins which becomes hazardous to the nation or the worse, even to the whole world.