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Terms & Conditions
What is cryptocurrency?
To say it with easiest terms – Digitalcryptocurrency is a virtual asset, which assures secure transactions. The fascinating quality of cryptocurrency is that it’s not regulated by any government or third-party. The same makes it a capable future currency for everyone.
You might have heard about bitcoin, the first decentralised digital currency, launched in 2009. However, there are many more types of cryptocurrencies available in the digital world, like Bitcoin, bitcoin cash, Ethereal, DigitalNote, LiteCoin, altcoins, and PotCoin.
Technology behind this Digital Currency – Cryptography
Cryptography is a combination of mathematics and computer science. A complex uncrackable coding is done for exchange, purchase and transfer information securely. The technique controls the creation of additional units & verifies the mode of transaction. Cryptography techniques were used for a secure exchange of information and data, at the time of Second World War. Nowadays, it is using for secure transfer of information and money.
Transaction Procedure
The transaction of cryptocurrencies takes place in an end-to-end user network (between two users) by using cryptography technique, without any medium of bank or intermediate. These transactions are verified and recorded in public distributed ledger i.e. a blockchain (a secured list of records called as a block.)