What is cryptocurrency?

Crypto Currency (or Cryptography) is a controversial digital asset designed to function as a cryptographic medium of exchange for securing your transactions, additional monitor units, and asset transfer. Cryptographic values ​​are a type of digital currency, alternative currency and virtual currency. Cryptocurrencies use decentralized control rather than a centralized system of electronic money and central banks.

The decentralized control of each cryptocurrency works through blockchain, which is the basis of public transactions, which functions as a distributed registry.

Formal definition

According to Jan Lansky, the crypto pot is a system that meets four conditions:

• The policy defines whether new cryptocurrency units can be created. If new cryptocurrency units can be designed, the system identifies the circumstances of the source with the ownership of these new units.

• If two different instructions are entered to change the purchase of the same cryptographic units, the system performs a maximum of one.

• The system allows transactions to be made in a way that changes the owner of the cryptographic unit. A transaction statement can only be issued by an entity that accredits the current owners of these units.

• The ownership of cryptocurrency units can be displayed exclusively cryptographically.

Overview

Decentralized cryptography collectively produces the entire system of cryptographic services at the speed defined during the creation of the system and is publicly known. In centralized economic and banking policies, such as the Federal Reserve System, administrative committees or governments that control the money supply by printing units of trust funds or demanding complementary digital books. In the case of decentralized cryptocurrency, governments or companies cannot produce new units, and yet they are not compatible with other companies, banks or entities that have property values. The main technical system based on decentralized cryptocurrencies has been created by a group or individual known as Satoshi Nakamoto.

As of May 2018, there were more than 1,800 cryptotransparent specifications. The cryptocurrency, security, integrity, and balance record system is maintained by a community of mutually suspicious parties called minors who use their computer to confirm the time of the transaction, adding them to the record under a specific time stamp scheme.

Most cryptocurrencies are designed to gradually reduce the production of this currency by limiting the total amount of these coins that will be in circulation. Compared to the common currencies that financial institutions have or maintain

money in hand, police can be harder to catch cryptography. This problem stems from the exploitation of cryptographic technologies.