Hello everyone, I haven't been able to write for many days because I'm too busy, that's why I'm searching about cryptocurrency,what I will share with you today.

Blog#22

Cryptocurrency Decentralized Digital Currency

Currency

Is regarded are means of exchange for goods and services and that differs in the different countries. It is stabled as the money that we use and that is required advancing technology has given rise to new types of currency, and that is named cryptocurrency. It is a currency that is not available physically but it is a digital currency. It is new technology and there's an interesting topic for all. Let's discuss the emerging technology origin, advantages, and issues related to this form of currency in the essay below.

What is meant by Cryptocurrency?

We a we well aware of the term currency or money. It is stated as the basic requirement of the person for getting different purpose, I.c to buy different things for investments doing transactions, etc is in the physical form. A cryptocurrency is also a fo of currency but it is not available in physical form. It is a newly developed currency that is an internet currency and can only be used digitally in other words. Cryptocurrency is a newly invented form of currency that is termed.

________________________

Digital or virtual currency. Bitcoin, Ripple Dogecoin, etc are some of the examples of cryptocurrencies

Cryptocurrency is a set of binary data is used as a medium of exchange for goods and services. The recorded or every coin in cryptocurrency is being stored in the digital ledger cryptographically in a secure way so that no exchange can made in the transactions data. The people get the authority of the token according to the amount they have given for stake in cryptocurrency. It is used by a single user later when it is stated as decentralized it's options are available on the digital legder of every connected user in the Blockchain. Bitcoin is referred to as the firts decentralized cryptocurrency that was invented in the year 2009. There was the invention of different cryptocurrencies after the invention of Bitcoin.

History of Cryptocurrency

• David Charm an American cryptographer was the firts one to create electronic money or cash in the year 1983 this was brought into case by him in the year 1995 un form of Bitcoinscash. The earlier form of electrophic payment required the use of software and encrypted keys for continuing and kind of transactions.

• Later, there was the invention of 'B-Money', a distributed electronic cash system in the year 1998 by wei Dci bit gold was furthers discovered by nick Szabo. It was also an electronic currency system in which proof of work function was essential for all the users to cryptographically publish the same.

• Bitcoin that is regarded as the firts decentralized cryptocurrency was then developed in the year 2009 by Satoshi Nakamoto. It required a cryptographic hash functions and the proof of work scheme, namocoin, Litecoin, and peercoin were subsequently developed thereafter in the year 2011.

• In the united kingdom un the year 2014 ordered it's financial department to conduct a study an cryptocurrency and also state the impacts that it can make in the nation's economy.

• Recently in the year 2021, the government of china which was stated as the largest market for cryptocurrency transtation illegal. This incident also banned the working if intermediates and winners in china.

Classification of Cryptocurrency

The firts developed decentralized cryptocurrency was Bitcoin. It has attained great popularity and is being used in the different nations of the word the credit for the invention of this cryptocurrency goes to Satoshi Nakamoto in the year 2009, Various other cryptocurrencies in the world till November 2021, the other cryptocurrencies. They are

• Litecoin

• Peercoin

• Namccoin

• Etherium

• Cardanao

• Etc.

Advantages of Cryptocurrency

• No need to third - -Party involvement there is no any involvement of third parties for transferring funds between parties because of the development of Cryptocurrency.

• Cost- effective and efficient increase no extra charges and take places at a faster rate.

• Secure Technology - the data of the transactions is safely stored in the blocks with bull privacy and cannot be edited by anybody this protects the user fr any kind of fraud and cybercrime.

• Privacy- the private keys can be used by the users to access their own cryptocurrency with full privacy.

• No barries in joining the Network anybody can easily join a network of Cryptocurrency as there are very no such restrictions for presenting the proof of identity income and address.