Crypto Currency

Crypto Currency

Crypto currency is a digital, virtual and alternative currency which doesn't have any physical existence. It is called currency because its regulated by decentralized Authorities. If I explain it in easy way, so I can say that "Crypto currency is a decentralized digital currency with no physical existence. It is traded by peer-to-peer network system with proper ledger maintenance."

Crypto currency is a currency which trades by one computer to another computer with no midway authentication. For example, if I transfer money one bank account to another bank account, money goes by different midways like VISA, NPCI etc. but crypto currency trades direct peer-to-peer network. But for prevention of fraud and ledger maintenance, it need a approval from public financial database. This electronic currency works on a strong distributed ledger technology, called Blockchain Technology. In which every single transaction records with proper detail one by one. Blockchain technology is a technology which not erasable or editable. If anything records once and need to repair, it is very difficult to repair or remove. 

First crypto currency launched in year 2009, named Bitcoin and after that there is so many digital currencies arrived like Ripple XRP,  Ethereum, stellar XLM etc.

Thanks
Saurav