Cryptocurrency is a digital money or the virtual currency that is secured by the cryptographic functions. This Cryptocurrency influences the Blockchain technology to be decentralised, secured and immutable.
It doesn’t have any central authority that’s why globally it earns trust and their liquidity has been increased. Currently around 2957 cryptocurrency exist in the market for trading. Let me jot down the famous currencies like Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH), Tether(USDT) Litecoin, and others.
How Digital Currency Initiated ?
To start from the base, the pseudonymous Sathoshi Nakamoto published a paper regarding Blockchain and in late 2008 announced the peer-to peer electronic cash systems. No one is aware about the real identity of satoshi but he successfully brought out a decentralised digital cash systems in peer to peer network.
To say in precise, if we are exchanging FIAT then we rely on the bank as a trusted medium and the currency is not in a virtual one. All the transactions have been maintained in the bank ledger and in case of any queries one can enquire the bank without any hassle.
But when it comes to cryptocurrency, no more third party is required, the technology takes over the crown here. When a person X has to transfer money to Y, then through public and private keys the money gets transferred, and this transacted data is mined by the miners and updated in the decentralised medium called Blockchain.
Here comes the question how can the virtual currency get stored. The solution for this is Digital wallet. The private and public key can also be stored in the Digital wallet. Public key is the identity or username to send amount, and private key is like Password (private key is not to be shared with anyone)
The value of cryptocurrency does not change according to the location, but every unique cryptocurrency has its own value. So the internet based medium for exchange with cryptographics is called Cryptocurrency. To know about Blockchain check out this URL https://www.cryptocurrencyscript.com/blog/what-is-blockchain/
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