Whats Crypto?

What is “cryptocurrency”?

“cryptography” derives from the word “crypto,” a word used for being secret, hidden, and camouflaged. Cryptocurrency means a digitalized currency that is virtual and transparent, and no one can see your transactions. The question arises as to how the trades are being done. The transactions are being done with the help of the Internet. All the transactions, whether in the shape of bitcoin, Ethereum, Ripple, and all the types of cryptocurrency, are stored in the database software called BlockChain. The main feature for which “cryptocurrency” is being applauded/praised is that no interference from any central authority or government occurs, and there is no intermediary. When traditional transactions are done, the bank is an intermediary between the consumer and the supplier.

What is “BlockChain”?

A “BlockChain” is open-source database software. The introduction to BlockChain is that it is a digital ledger that records all the digital transactions you have done using cryptocurrency. The main goal behind making this open-source database software is to look like a traditional ledger, having a debit on its left side and credit on its right side. Digital catalogs are distributed among a vast network of computers called nodes, and each one has a separate record of all the transactions in its memory or, in technical words, a hard drive. The network of computers called “nodes” are connected with the software “Peer to Peer” or (p2p) client. When the transactions are entered into the blockchain, it is first in the state of hidden or encrypted data. The transactions are called to be done when approved and recorded into the digital ledger.