What is cryptocurrency? How is it created?

What is cryptocurrency? How is it created?

This is a virtual currency, which has no physical form. It is created by a specific software program in a computer, for which a special kind of special technology is used. The process is called cryptography. The process of creation-production of cryptocurrency is called mining, just as gold is extracted by digging a gold mine or any metal is mined to extract that metal.



Of course, gold or other metals appear in physical form, while crypto remains virtual. Entries in his electronic book cannot be seen. It is called a black chain register and crypto transactions take place on this black chain. Just as we cannot see demat shares, we can have them. We can invest in it, we can trade. We can get money from it. Sophisticated technology, software, hardware is used for cryptocurrency mining.  This requires special skills. So the cost of this is very high. The cost increases as more mining takes place.

The supply of crypto can be determined in advance Is, as the amount of bitcoin is fixed and so bitcoin will be completely mined then new The supply will stop. As the supply of metal stops flowing out of the ground, it has to be mined in another ground. Technology works here instead of land. But the other land here is Mawo Koin. The technology was originally claimed to have been developed by a Japanese man named Satoshi Nakamoto or his group, but no further details have been released. It is unknown at this time what he will do after leaving the post. The first cryptocurrency was named Bitcoin. This technology is said to be ahead of the Internet.

Blockchain technology is mainly used in this case. The currency of which is currently increasing in various sectors. Currently technology works for this whole process, which is open source, but this is not the job of everyone. Block chain There is a system that covers a wide range of processes and products. It can also be called a large ledger, which can accommodate all the transactions or factors of a product or service. Which are linked to each other, know a vast interconnected network.

Cryptocurrency is a generic name because of cryptography It is ready. And the coin that is ready has to be given a new name. Its names are given by its creators. There are more than ten thousand cryptocurrencies of such different names available today. The first and most popular is Bitcoin. The rest of this Hari's name is Hazar. Which has attracted the attention of the whole world.

Cryptocurrencies are listed on special exchanges, just as stocks are listed on the stock market. It is traded accordingly. This administration handles the exchange. It is traded, cleared. Settlement takes place. This can only be done online. So the person making the deal needs to be knowledgeable about the technology. This market is global and operates 24 hours a day. In order to make a deal, investors have to follow various standards, including the KYC (Know Your Customer) procedure.

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