CRYPTOCURRENCY

 CRYPTOCURRENCY

What Cryptocurrency is coined of 2 terms, Crypto and currency. Crypto means hidden or secret while currency is a system of money, generally used by the individual country. A cryptocurrency often termed as crypto currency or crypto for short, is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography to secure transaction records or to control the creation of additional coins, and to verify the transfer of coin ownership. It does not exist is physical form or paper money and is also not issued by any central authority. Crypto currency generally use decentralized control as opposed to centralized digital currency and central banking system. Since it's decentralized control, thus, it works on distributed ledger technology, typically a blockchain, that serves as public financial transaction database. Every new transaction data is saved in form of a block on computers connected to same network and every new data block is chained with the previous block. Why The main reason why cryptocurrency has any value is Blockchain,why one should use it is it's ease-of-use. All you need is a smart device, an internet connection and instantly you become your own bank making payments and money transfers and performing everything which a bank can. When and Where Cryptocurrency was first developed as an electronic money but in centralized control by an American cryptographer, David Chaum in 1983 which he used to call ecash. Later in 1995, he implented this electronic money through his corporation Digicash for next three years at in 1998, Digicash was declared bankruptcy and sold its assets. Many more attempts were made to create crypto(s) since then but all of them were centralized. It was only Bitcoin which was first decentralized cryptocurrency developed in 2009 by presumably pseudonymous developer, Santoshi Nakamato which can be an individual or possibly a group of programmers. There are numerous types of crypto(s) available such as: Bitcoin or BTC, Litecoin or LTC, ETH, ZEC, XLM,etc. All of them combined known as altcoins. Most of the bitcoins uses SHA-256 hashing algorithm How Crytocurrency can be used through cryptocurrency wallets which provides you public and private keys or addresses for recieving and spending cryptos respectively. Minning For crypto(s), Mining is a validation of transactions as for successful miners, they receive a cryptocurrency as a reward thus decreasing transaction fee for the particular miner. A cryptocurreny Miner is basically a Supercomputer with even more powers and modified specifications to help it with faster hashing and problem solving, authenticating and storing consumer data in encrypted formats. Miners require some additional electronic machines such as FGPAs (Field Programmable Gate Arrays) and ASIC (Application Specific Integrated Circuits). Both, a supercomputer and a miner requires high amount of power but the units for power consumption for supercomputers like PARAM Yuva,Sidhi or Tianhe 1-A uses electricity ranging from 1 MW to 4 MW per second while Miners requires 120 GW to 63 TW per second. According to a February 2018 report from Fortune, Iceland has become heaven for cryptocurrency miners in part because of its cheap electricity. According to reports of 2019, alone Bitcoin Miners power consumption was of 0.02% of global consumption which is equivalent to Switzerland's power consumption; Now you can have a rough idea as there are various crypto miners. In March 2018, the city of Plattsburg in upstate New York put an 18-months moroatorium or legal delay on all crypo miners in an effort to preserve natural resources