CRYPTOCURRENCY

What İs The Currency?

Cryptocurrency is a form of digital money .Cryptocurrency are built on cryptography. They are not secured by someone it secured by MATH .

Cryptocurrency has no actual value. İt isnt reedemable for another commodity. İt has no physical form .It is existing only in the network.

Cryptocurrency can not be controlled by  institions or person because of it is supply is not determined by a central bank.

How İt Works

 

  1. Someone requests a transaction. Transaction represented online as bloks.
  2. The block is broadcasted to every part in this network consist of computers known as nodes.
  3. The network of nodes validates the transaction and user’s status using known algorithm.A verify transaction can contain records , contract and other information.
  4. Verified the transaction is combined with other transaciton to create new block of data.
  5. The new block added to new blockchain in a unchangable and permanent.
  6. The transaction is completed.

Blockchain & Bitcoin

Cryptocurrency is a medium of exchange created and stored electronically in the blockchain using encryptıon techniques to control the creation of money unıts and to verify the transfer funds . Bitcoin is the best known example.

The bitcoin keeps the details of all transaction , process performed on the system called blockchain.

The first cryptocurrency is bitcoin which was created by software developer going by the name of Satoshi Nakamoto.

 

References: https://blockgeeks.com/guides/what-is-cryptocurrency/

 

Nur Sefa BAYBARA

One Comment

Add a Comment

E-posta hesabınız yayımlanmayacak. Gerekli alanlar * ile işaretlenmişlerdir