A cryptocurrency is a digital Code or virtual currency that is secured by cryptography, which makes it nearly impossible to Hack or double-spend. in simple words we can say that the ledger is saved in thousands of computers and they all are sync by Blockchain nodes and become immutable .Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.
Example of Cryptocurrency’s are Bitcoin , Ethereum , Ripple , Carnado and many more in list.
What are the dangers of using cryptocurrency?
They are still relatively recent, so the industry for digital currencies is extremely unpredictable. Because cryptocurrencies do not require banks or other third parties to supervise them, they’re generally not insured and aren’t able to be converted into a tangible currency (such like US euro or dollars.) Additionally, because they are intangible technology assets that are susceptible to hacking as any other intangible asset. In addition, because the cryptocurrency is stored in a wallet that is digital, should it is lost (or the access it has or backups of your wallet) then you’ve lost the entire cryptocurrency investment.
How Cryptocurrency Works .
To know more about cryptocurrency you have to 1st understand its Technology which is Blockchain .
to read more about Blockchain please Visit Blockchain Post
