What Is Cryptocurrency All About?
Many people around us may not have an idea on what cryptocurrency is. For such people we are here to provide some detailed information about cryptocurrency and points that might help our readers in understanding the properties of cryptocurrency. To start with, cryptocurrency is an internet based asset that is used as a medium of exchange. Cryptocurrency uses crypto graphical functions which helps in conducting financial transactions. These currencies have a technology known as blockchain which helps them in gaining decentralization, immutability and transparency. One of the most important benefits of a cryptocurrency is that, these currencies are not controlled by any central authority. They have a decentralized nature of blockchain technology which makes cryptocurrencies far immune to the old style of interference of government and free from control of banks and financial institutions. These cryptocurrencies can be sent between two parties directly, without any third party in middle. Cryptocurrencies can be transferred through the use of public and private keys. The transfer of these currencies are done with a very minimal processing fee. Which allows the users in avoiding steep fees that are usually charged by some traditional financial institutions. Let us know see some important properties which will help our readers in understanding in detail about cryptocurrency and details about wallets like neon web wallet and neon wallet. These are famous cryptocurrency wallets that help in transferring money between two parties.
Understanding Cryptocurrency Properties
Some major properties help us in understanding in detail about cryptocurrencies. Let us know look at these properties.
- Irreversible – When it comes to making a transaction it is important to note the point if the transaction made is reversible or irreversible. Transactions made in cryptocurrency cannot be reversed after confirmation. When a person transfers his currency he cannot reverse the sent currency.
- Fast and Global- when transactions are done, they are propagated instantly in the network and are confirmed immediately. Since these transactions are happen in a global network of various computers, they are totally different from our physical location. People can send bitcoins to their neighbour or even to someone on the other side of the world.
- Secured- Cryptocurrency funds are always safely locked in cryptography system with a public key. Only a person who owns a private key can send cryptocurrency to some other person. A very strong cryptography and on the other hand the magic of large number has made it possible in breaking this scheme.
- Permission less- people when sending cryptocurrency do not have to ask anybody. These are just a software which can be downloaded by anyone for free. After downloading people can receive and send cryptocurrencies to people all around the world.