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- Forms of Cryptocurrency
- How the Cryptocurrency is maintained
If you purchase or sell bitcoin( a form of Cryptocurrency), then the transaction will be maintained in a ‘Ledger’ ( Ledger account is a summary statement of all the transactions relating to persons, assets , expenses or income which have taken place during a given period of time and show their net effect.)
It’s a public ledger and maintained by thousands of people. It is a peer-to-peer network (person to person network). This process is done under a block chain, it’s connected with each other.
For example:- If ‘A’ has 2 bitcoin and he gives his one bitcoin to ‘B’, which has no bitcoin. Now ‘A’ has 1 bitcoin and ‘B’ also has 1 bitcoin.
So, all of the blockchain will check A’s all of the transaction history. That’s because he really has 2 bitcoins and also checked B’s history to see whether he really got 1 bitcoin or not. This process is done very quickly and accurately. If A or B tries to change his Ledger account amount it will be mismatched in every public ledger and he will be arrested.
- Meaning of Miners and Mining
The people who maintain the ‘Public Ledger’ are called Miners.
The person who maintains the process of transaction or validating is known as mining.
- What is Cryptography?
Cryptography means all the balanced amounts will be coded.
People have a problem because it’s a public ledger and all the people who are using and maintaining it will know the amounts of your balance, so making this more secure and transparent, all the amounts get coded.
- Cryptocurrency is legal in India?
Cryptocurrency is absolutely legal in India. Currently, many Indian people use Cryptocurrency. Cryptocurrency is legal, but in India Cryptocurrency (Bitcoin) cannot be used on the physical market as a currency. Some overseas countries use Cryptocurrency as a currency, but in India it is prohibited.
Advantages of Cryptocurrency
- 0% fees for any transaction.
- No payment restrictions.
- No third party involved.
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