What is Cryptocurrency? Detail Explaination

What is Cryptocurrency? Detail Explaination

Hello Friends Welcome to Cryptotutorial youtube channel. Today we will talk about Cryptocurrencies and if you want to understand that what is cryptocurrency when and who cryptocurrency created, what was the purpose of making and who cryptocurrencies provide you benefits? So do watch this video till end because today I’m going to talk about this things. So friends lets start the video. Friends, first we have to understand the term cryptocurrency so the word cryptocurrency is made up of two words “Crypto” and “Currency”. Crypto word is taken from cryptography. Now what is cryptography? Friends cryptography is a kind of technology on which you can transfer your data from place to another place very securely.

Now what is the meaning of securely transfer? So friends securely transfer means that if you relate this with your real life then suppose if you have one file with some important data and now you want to send those important data to your friend and no one else can see those data, then what will you do in this case? Oviously you protect it with passwords and send to your friend and you also have to tell the password to your friend, then in this case your friend open file with password and use the data. So this concept is used in cryptography. So here your data is transfer from one place to another place in encrypted form and only that person can read data for those it sent for to read those encrypted data there is requirement of a secret key is also known as “decryption key”.

Now one question arise in your mind that what is “Encryption” and “Decryption”? So friends when we convert our data in secret and unreadable codes then this process is known as Encryption and this unreadable code is only understandable by machnine and a person who have decryption key. and decryption is a process in which unreadable codes are converted ito readable codes and for this process decryption key is required. so friend this all about crypto meaning now we comes to currency meaning then in simple term we can say that currency is only a medium through which we can fulfil our needs and services. For example suppose you have 100 rs note and that time you are hungry or you have to go somewhere then in that case what will you do? you can eat your 100 rs note and finish your hunger or you can seat on your note and travel from place to another So friend oviously you are not going to do this kind of work.

If you are hungry then you can purchase food by 100 rs note if you want to go anywhere then you can purchase ticket from that 100 rs note. so through this we can understand that currency is only a medium through which we can fulfil our needs, any requirements etc. So we can join both terms Crypto and Currency then we understand that cryptocurrency is a kind of currency through which our transactions complete securely. So friend this is all about Cryptocurrency. Now we talk about when and who invent cryptocurrency and what is the purpose of cryptocurrency? because whenever any invention is done then there is a purpose of inventing that.

 What is Cryptocurrency?So friends Satoshi Nakamoto create a peer to peer transaction system and he wants that when any transaction is happen then only those personinvolve to complete that tranction who related to that transaction. Now one question is arise that what is peer to peer transaction system? So friends, any kind of system where only those person involve who are related to that. so this is called peer to peer system and when we use this technology to complete our transctions then this is called peer to peer transaction system. now friends we talk about what is the main purpose of cryptocurrency? so first purpose is that to create a kind of system where only those person are involve who are using it. Second purpose is that to create a kind of currency which value is almost same in all over the world. In today’s world we can see that if we have currency of one country and we visit another country then we have to exhange our currency with their currencies to use it but in cryptocurrency its price is almost same in all over the world that’s why we can also say it decentralized currency.

Friends third purpose is that in cryptocurrency we can transfer money from one place to another place very easily and in very less time and transfer fee is also very less. friends here i am not talking about any particular coin like bitcoin, ethereum here i m talking only about cryptocurrencies so friends these are some special purpose for which cryptocurrency is created. Now here is one big question that we should use cryptocurrenciees or not and if we are using it then what benefits we get? so here i m going to tell you 3 points so u can understand the benefits of cryptocurrencies.

So friends first benefit is that cryptocurrency is decentralized currency and here only those person involve who are using it. So if you are making any transaction here then it complete very securely because concept of cryptography is used thats why all transactions are very secure in comparison of any other currency that we often use. So friend second benefit is that in cryptocurrency if you have any coin which u have stored then you are free to use it any time and anywhere but in centralized currency like you store your money in bank account and where your athority found that any suspisious activity in you account then they block your bank account in this cases first you have to unlock your bank account then you are free to use your money but in case of cryptocurrency if you store your coin in any wallet then you are free to use it anywhere, where it is allow to use. So friends third benefit is that in cryptocurrency you can confirm your transaction very fastly and u can transfer your money from one place to another place very fastly and transaction fee is also very low.

So friend these are the some important points of cryptocurrency which i tell you in this video hope your all doubts are clear and now if you have any kind question then you can comment below i will try to respond you as soon as possible. for more information you can also visit our website www.cryptotutorials.in for information related to any coin and you can also find articles of all videos in hindi and english language. by that you can learn easily about cryptocurrencies. Friends dont forgetto follow us on facebook instagram and twitter for daily updates. and you can also join out telegram channel for quick updates. so friends hope you understand all about cryptocurrency if you wants to know more about cryptocurrency then subscibe our channel.

Also you can like and share this video too. So friend will meet in next video with a new intresting topic till then good bye..

As found on Youtube

(Visited 5 times, 1 visits today)

Searches related:

what is cryptocurrency mining, what is cryptocurrency exchange, what is cryptocurrency market, what is cryptocurrency staking.

Links related:

Cryptocurrency - Wikipedia

A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to ...

Cryptocurrency Definition | Investopedia

A digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature ...

What is Cryptocurrency. Guide for Beginners - Cointelegraph

What is Cryptocurrency, is cryptocurrency legal, what is cryptocurrency mining, list of cryptocurrencies, cryptocurrency market cap, history of cryptocurrency

All Cryptocurrencies | CoinMarketCap

View the full list of all active cryptocurrencies.

What Is Cryptocurrency - Trading ,Mining ,Investing and ...

Cryptocurrency has enormously increased in popularity since Bitcoin was introduced in 2008. Some people and various institutions have seen its potential to become the …

Cryptocurrency news and discussions. • r/CryptoCurrency

Welcome to /r/CryptoCurrency. This subreddit is intended for open discussions on all subjects related to emerging crypto-currencies and crypto-assets.