What is “cryptocurrency”?
The word “cryptography” drives from the word “crypto”, a word used for being secret, hidden, camouflage. Cryptocurrency means a digitalized currency that is virtual and transparent, and no one can see your transactions. The question arises is that how the transactions are being done? The transactions are being done with the help of the internet and all the transactions whether in the shape of bitcoin, Ethereum, ripple, and all the types of cryptocurrency are being stored in the database software called BlockChain. The main feature for which “cryptocurrency” is being applause/praise is that no interference of any central authority or government takes place and no intermediary in between. When the traditional transactions are done, the bank act as an intermediary for the consumer and the supplier.
What is “BlockChain”?
A “BlockChain” is open-source database software. The introduction to the BlockChain is that it is a digital ledger used for recording all the digital transactions which you have done using cryptocurrency. The main goal behind making this open-source database software is that it should look alike a traditional ledger having a debit on its left side and credit on its right side. Digital ledgers are distributed among a vast network of computers called nodes and each one has a separate record of all the transactions in their memory or 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 called to be done when it is approved and recorded into the digital ledger.
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