Cryptoban and every thing about crypto currency.

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 Everything you need to know about "Crypto currency" !

Credit : The oracles

#What is currency? 

Currency is  a medium of exchange. It is supported by the faith of its holders and virtue of the government declaration. Means it’s a promise by the government to bearer which is always mentioned on the currency along with governor's signature. In india, we use fiat currently that has its statutory backing.

#What is Cryptocurrency ?

Cryptocurrency consists of two words 'crypto' means hidden and 'currency' means medium of exchange. Cryptocurrency is a form of digital payment that can be exchanged for goods and services.

Some basic difference between Fiat currency and Cryptocurrency :-

1- Fiat currency requires bank to verify every single transactions while crypto doesn't.

2- Crypto is stored in mobile or e-wallet while fiat generally not.

3- Bank charge a fees for every transaction but in crypto chargers are very less or notional.

#Advantages of Cryptocurrency:-


It has no controlling central authority with no transaction limits and no financial intermediary. 

Cryptocurrency is transparent everyone can see every single transaction. And all of the revenues are in a public chain called block chain. This makes it most authentic and reliable.As there is no chance of government influence .

#what's a Blockchain?

Blockchain is a chain  that stores information regarding the transactions, sender, receiver and number of crypto transferred. When one block get filled other starts storing information. Each block have some reference no. and hashtag of itself. So that if any block misses out then whole chain get affected. But it is very safe and secure as its database has never been hacked. 

THE BIGGEST DISADVANTAGE OF CRYPTO CURRENCY IS IT IS IRREVERSIBLE . IF YOU SEND IT TO A WRONG PERSON IT WILL NOT GET BACK. WHILE  BANKS CAN DO SO.   

Cryptocurrency is use to do some illegal transactions as well. It is very volatile. It is stored in a e-wallet with a particular password or private key. If you lost that key you will not be able to recover it. According to a study 20% of bitcoins have lost. So it is very important to have knowledge before getting into it. Because risks can be very high if you are careless.

#HOW CRYPTO CURRENCY IS MINED AND WHO ARE THESE MINERS ?

If you want to send some amount of cryptocurrency then a message is sent to whole network. And a private key is also associated with that particular transactions. Now this transaction goes into a waiting room where it waits to get settle , many transaction waits at a time. Now bitcoin miners { miners are computer whose work is to assemble these transactions and propose them , these are a part of blockchain } . Many miners competing  at a time to make a new block in the block chain by solving some math puzzles. They get rewarded for every block they settle. Currently they get 6.25 newly minted bitcoins per block , it changes after 4 years or 210,000 blocks roughly. And it get reduced by half every single time. There are more than 6000 types of cryptocurrency and every month new ones get introduced . 


DIGITAL CURRENCY IS DIFFERENT FROM CRYPTOCURRENCY AS IT IS ASSIGNED BY BANKS. AND BANKS MANAGES IT. 

#Should you invest in Crypto or not?

You should definitely invest in crpto currencies because crpto is going to be future currencies as the technology advancement is taking place very rapidly and making physical money requires a lot of effort and materials ,so I believe you should definitely start investing in crpto currencies .

In a long term they are going to be beneficial for you.

Cryptocurrency is very volatile. As bitcoin was 19,650 dollar in dec 2017 , then 3,417 dollar in feb 2019 and now it is 50,429 dollars.

But due to its nature of no authority it is devoid of intentional decrease , which is seen in normal currencies.

You can invest in crpto currencies through mobile apps.

Here is one for you get free Bitcoin just click on link.

Easiest way to buy/sell 100s of crypto. Signup on CoinSwitch Kuber using  referral and first 3 users will get Rs. 50 worth FREE BTC.

https://coinswitch.co/in/refer?tag=eEmG

This blog is exclusively selected from the write-ups sent to us through email.

From vedansh mishra one our follower and telegram member.

If you too have a unique writing skills then don't forget to send us at our email.

Team odd angle-

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Deeksha pokhariya

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Khushi soni

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Idea and execution : Aiman zaki and vedansh mishra.

Edited by: khushi soni and Mayur Shrivastava 

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