CRYPTOCURRENCY

     Cryptocurrency is a Digital form of Cash.

A Cryptocurrency is a digital or visual currency,that is secured by cryptography.

For example:

                        CASH ⇾ CARDS⇾ DIGITS

Cryptocurrency divided in to two types:

1.Cryptography

2.Currency

Cryptography is associated with the process of converting ordinary plain text into unintelligible text and vice versa.

Example: 

Coding is a process used to encrypt a word, a number in a particular code or pattern based on some set of rules. 

• Apple is coded as 25563,
•  Rung is coded as 7148. 
• Then purple is coded as. 
• Answer: PURPLE – 517563. Answer = 517563.

Decoding is a process to decrypt the pattern into its original form from the given codes.

To decode the code, you must look for patterns of letters and then substitute guesses for the real letters. In Random Alphabet encoding, "SCIENCE" may be encoded as "AXBYKXY". In Rotated Alphabet encoding, all of the letters are rotated a certain amount.

Cryptocurrency is a Decoding method

     It is a method of storing and transmitting data in a particular form,so that only those for whom it is intended can read and process it.

Anyone else on earth if he would have heard that noise he would not have understood that but the sender knows what he means to say and the receiver also knows what he or she needs to understand from it that is actually Cryptography.

CRYPTOCURRENCY =CRYPTOGRAPHY + CURRENCY

Cryptocurrency is a decentralized networks.

Example: 

        If a person A (India) needs to send the amount to B (USA).There is one mediator person that is bank.So,bank take certain amount of interest in that amount and then send to receiver.

        A (Sender) ⇾  BANK (Mediator) ⇾ B ( Receiver)

This method is called Centralized network.This method is normal process.

But here.,The Cryptocurrency process is called Decentralized network.

If a person A (India) needs to send the amount directly to B (USA) without any beneficiaries.

                  A ( Sender) ⇾ B (Receiver)

Advantages of Cryptocurrency:

    ⇨ No intermediary required

          Example: Bank

    ⇨ No geographical barrier

            Example: Amount transferred by any country to country

    ⇨ Less charges

    ⇨ Very fast

             Example: Amount transferred with in 4 seconds to 10 minutes.

Disadvantages: 

     ⇨ Transactions are irreversible

           Example:   If 543 send the certain amount directly to 578 but actually it is 576 means the amount will not refundable to 543.

           Another Example : 

                      If 722 needs to send a certain amount to XYZ but it was actually XYY. So,the money not return to 722.

Cryptocurrency continuous........

Always Your's

MUBASHIRA I