First of all, today we will know what is cryptocurrency after all? Now the straight and simple answer will be that a cryptocurrency is a digital form of cash, this means that the way we do transactions is by giving cash, in the same way, transactions can be done by giving cryptocurrency. Just like cash stays in our wallets, cryptocurrency is also kept in our online or cloud wallets. We use cryptocurrency for travel booking, hotel booking and shopping and many more.
Now you must be thinking that you can do this even with your bank account, so how did crypto differ in this? No one, let me tell you about this, the biggest major difference between your bank payment and crypto payment is that the authority of your bank transaction is with your bank, this means that if you want to send your money to someone, then you have to For that also permission will have to be taken from your bank. For this, the bank also charges you the transaction fee. The special thing about cryptocurrency is that nothing like this happens in cryptocurrency. In cryptocurrency, no one has authorization power except you, it means that you will be the owner of your money only you. Cryptocurrency works by connecting two computers i.e., you will connect directly to the person with whom you want to trade. And will be able to complete the transaction process easily, which means no middleman and the best thing is that you do not have to know the bank to take it. If you are interested in bitcoin trading visit dubai profit now .
Now, do you know why it was named Cryptocurrency?
If we break the treaty of cryptocurrency i.e., understand it word by word, then cryptography is formed by two words i.e., cryptography and currency. Now you know the currency very well, so there are those calculations of cryptography math that assure that your money is safe and no one else can use it. This word is taken from the Greek word Crypto. Which in Greek means hidden i.e. your message is encrypted, understand that it is locked then it is transferred and then when it gets to the receiver it is decrypted i.e. unblocked. This process is done so that no one steals your information in the middle, does not tamper with it and your message reaches the sender safely and securely, just knowing this basic is enough for you. The way our family members give us names without asking, in the same way, the name of cryptocurrency is also named by its investor.
If you want to know more about this then keep visiting this blog. Cryptocurrency works on public-key cryptography but now you must be wondering what is it? This is the process that makes your transactions safe and secure.
Now, do you know how this works?
In these two key roles, one is the public key and the private key. So, when he sends any information, message, or transaction to the sender, he locks it with his public key. But he can open the information or message receiver even if he has his corresponding private key. If I explain to you in simple words, there are two keys in the bank, one with the bank and one with you. So, suppose the bank has the key to your locket. That is the public key but the second key you have is the corresponding private key of your locker. So, with that key only your locker can be opened in the whole bank. That is, without your private key, the public key of the bank cannot access your locker. This is how our public key cryptography also works.
