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Tuesday, July 16, 2019

Beginners Guide to Cryptocurrency

The new form of digital money is simply coined as the Cryptocurrency. It has an open lager, which has a private and public key. It is gaining popularity due to the absence of Central authority followed by a lack of transaction fees.

The digital asset, which implies cryptography for secure transactions, is coined as cryptocurrency. Cryptography is referred to as the art of writing and solving codes.

In simpler terms, the process of converting text to obscure text is coined as cryptography. This is the reason for the immense security of cryptocurrencies.

Why Cryptography is considered as the Secure

Transferring the information in the ciphertext leads to better protection. The chipper text is an unreadable format. Only the person having the secret key can open the code.
Cryptography has been used for a long time in securing credit card information, email messages, corporate data, and others.
Due to the use of the sophisticated mathematical equation to unveil followed by the use of secret keys it remains secure.

Number of Cryptocurrencies

It is estimated that more than 1600 different cryptocurrency is available. There are various startups, which are working, in new cryptocurrencies.

Popular Cryptocurrency

Some of the popular cryptocurrency are Bitcoin, Litecoin, Ethereum, Zcash, Monero, Bitcoin Cash, NEO, Cardano, EOS, and others.

Investment in Cryptocurrency

Cryptocurrency investment is considered as the risk business as the prices fluctuated like the roller coaster.

Mining Cryptocurrency

Unlike traditional mining, cryptocurrency mining is done by a specific hardware device. In this process transaction from various cryptocurrency is added to blockchain Ledger upon verification.

 Is Cryptocurrency a Good Investment?

Cryptocurrency, when done upon adequate analysis. can be profitable.

How to Buy Cryptocurrency

Cryptocurrency can be bought from the exchange. The exchange like the Binance, Coinbase, Bittrex, Kraken, Huobi, Phoenixfin, and others are considered as the best cryptocurrency exchange platforms.

Digital Wallet

Digital wallet is used for receiving, Send and store the digital currency. There are two types of wallet one is hot and the other is cold. The hot wallet is connected to the Internet whereas cold wallet is not connected to the Internet.

Types of Digital Wallet

Paper Wallets

The Key is noted in the piece of paper and stored in a secure location. This is considering as a safe wallet.

Hardware Wallets

Hardware like the USB and other gadgets are used in storing information.

Desktop Wallets

Information is stored on the desktop. It involves the risk of hackers and virus infestation.

Online Digital Wallets

Information is stored in cloud storage.

Mobile Digital Wallet

Mobile applications are used in storing information.

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