what is Cryptocurrency

What Is Cryptocurrency | Where cryptocurrencies are stored

What Is Cryptocurrency?

 

Cryptocurrency or digital currency is a virtual currency  it is in digital current we can’t give or take this currency by hand we can only transfer this currency from wallet to wallet.It means it is an encrypted, decentralized digital currency transferred between peers and confirmed in a public ledger via a process known as mining.

Bitcoin is the first cryptocurrency. Every cryptocurrency has a blockchain which is define on algorithm. Transactions and the ledger are encrypted using cryptography, which is why it is called “crypto” “currency.” It is also decentralized, meaning it is controlled by users with a computer algorithm and not a central government.

 

 

How cryptocurrency works?

 

 All confirmed transactions from the start of a cryptocurrency’s creation are stored in a public ledger. The identities of the coin owners are encrypted, and the system uses other cryptographic techniques to ensure the legitimacy of record keeping.

Transactions are sent between peers from “cryptocurrency wallets” by matching up public codes which relate back to user-held private passwords. Transactions made between peers are recorded on a public ledger of transactions called a “blockchain.” Many transactions are added to a ledger at once. These “blocks” of transactions are added sequentially. That is why the ledger and the technology behind it are called “block” “chain.” It is a “chain” of “blocks” of transactions.

1.Transaction begins:

Bitcoin — User goes to an online exchange to convert fiat currency for bitcoins and stores them in a bitcoin wallet.

E-money — User exchanges e-money for an equal amount of e-value stored, for example in a mobile wallet.

Link : cryptocurrency Regulation 2018 || Year of Centralizing Bitcoin and cryptocurrency

2. Submitting Payments:

Bitcoin — A request is sent to Bitcoin network in order to make a purchase.

E-money — The value of money to be transferred and the recipient’s phone number are entered. The money transfer is sent.

3. Verifying Transactions:

Bitcoin — Bitcoin’s decentralized takes an average of 10 minutes to verify. Upon verification, data is broadcast to all users and the ledger is updated.

E-money — User receives an SMS to verify the mobile transaction. The e-money issuer maintains records of all transactions and customer balances.

Where cryptocurrency stored?

  Cryptocurrency is typically stored in digital wallets that exist on the blockchain. These wallets can be accessed from anywhere in the world as long as you have an internet connection.

How much is the trading fee?

 

 

Bittrex, for example has fairly low exchange fees. For every trade made on Bittrex, they take a 0.25% cut. Bittrex doesn’t separate buyers and sellers and the 0.25% transaction fee is a set number. So if you sell 2 NEO, you will pay 0.0050 NEO for that transaction. Bittrex doesn’t charge you for deposits and withdrawals

 

Binance has a fixed trade fee of 0.1%. Deposits are free of charge. However, you can get charged for withdrawals on Binance, depending on the crypto you are withdrawing. An additional feature of Binance is that you can decrease your trade fees by 50% by using their own cryptocurrency, BNB, for trading.

image : The Japan Times

How many coins are listed in cryptocurrency?

There is total 914 coins are listed in crypto currency.These coins are at the top.

  1. Bitcoin
  2. Ethereum
  3. Ripple
  4. Bitcoin Cash
  5. Litecoin
  6. Dash
  7. Monero
  8. Stellar

 

How many users are currently listed in cryptocurrency?

 

   The total market value of cryptocurrency has increased from $18 billion at the start of the year to over $300 billion today. Sometimes it seems like everyone is talking about Bitcoin, yet less than 1% of the world owns any.

Cryptocurrency today is similar to the tech boom in 1994.

   The static presents the total number of blockchain wallet users worldwide, from the first quarter of 2015 to fourth quarter of 2017.The number of blockchain wallets has been growing since the creation of bitcoin virtual currency in 2009, reaching over 21 million blockchain wallet users in december 2017.

Link : New Cryptocurrency exchange | coindeal.com | The latest technology exchange

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