What is cryptocurrency in simple words( a great revolution)
In this article, we try to understand what is crypto in very simple words. Is this a huge revolution in human history can we get rich overnight? Should the government make its people aware of this? If you want to know more about crypto you are at the right place. Cryptocurrency is a revolution of our time that has revolutionized financial institutions at once.
it is a revolution that has produced billionaires in such a short span of time in human history all the revolutions that have happened in human history till date are the industrial revolution, Computers and Technology.
All the revolutions that have occurred have not created as much influence on the financial condition of man as the method has done in cryptocurrency.Cryptocurrency is not about getting rich overnight you have to gain knowledge about it and then you can benefit from it. Next, let's try to understand crypto in simple terms.
What is cryptocurrency in simple words?
One of the major tensions among economists in the decade was that international transactions took place. That is, when a country gives something to another country, then there is a transaction in return. But the question was? How does an instant transaction, speed it up and also reduce fees?
At the beginning of the 21st century, this Satoshi Nakamoto's or a group of people's comprehensive research thesis was presented He said we don't need a central bank or central bank to transact with each other.
This idea of "Satoshi" was called very revolutionary. In the beginning, there was a lot of criticism on it that the value of the currency would not be there even at the Central.
Now let us try to understand it in two ways.
This idea of "Satoshi" was called very revolutionary. In the beginning, there was a lot of criticism on it that the value of the currency would not be there even at the Central.
Now let us try to understand it in two ways.
1 The first method is the paid method in which you need any third party.
2 The second method is where you don’t need any third party.
Just like in gold, you don't need anyone's guarantee, you can go to any corner of the world, and if you have gold, you can trade it. So this is the phenomenon of cryptocurrency,
You can also call cryptocurrency digital gold .
And it does not exist in physical existence as digital currency is not centralized, no one controls it behind it, but it is software.
Whatever the transaction is, decentralized has nothing to do with it, so if I give a goal, I get something in return.
Humans have been trading gold for centuries and crypto is one such digital gold Bitcoin is a prime example of this being used as digital gold Like gold, it has not had a central body, Similarly, crypto is also a digital gold it is real it is not fake but not all people are aware of its algorithm, and it is the responsibility of the government and state institutions to take measures to inform the public.
It is the responsibility of the state to create awareness so that both the government and the people can benefit from it. Now the question arises who will make crypto?
2 The second method is where you don’t need any third party.
Just like in gold, you don't need anyone's guarantee, you can go to any corner of the world, and if you have gold, you can trade it. So this is the phenomenon of cryptocurrency,
You can also call cryptocurrency digital gold .
And it does not exist in physical existence as digital currency is not centralized, no one controls it behind it, but it is software.
Whatever the transaction is, decentralized has nothing to do with it, so if I give a goal, I get something in return.
How to determine fake or real?
Humans have been trading gold for centuries and crypto is one such digital gold Bitcoin is a prime example of this being used as digital gold Like gold, it has not had a central body, Similarly, crypto is also a digital gold it is real it is not fake but not all people are aware of its algorithm, and it is the responsibility of the government and state institutions to take measures to inform the public.
It is the responsibility of the state to create awareness so that both the government and the people can benefit from it. Now the question arises who will make crypto?
who would print the crypto?
Like the currency notes the government wants.
Similarly, who would print the crypto? Cryptocurrency is printed by mining for example if you have made a transaction and the transaction goes to a computer that has BTC software on it.
Or cryptocurrency in the case of the computer that helped you meanwhile, the same computer will be rewarded.
That is, with the help of the Buyer and Seller, the computer that will be rewarded will be the printing of the new cryptocurrency.
Similarly, who would print the crypto? Cryptocurrency is printed by mining for example if you have made a transaction and the transaction goes to a computer that has BTC software on it.
Or cryptocurrency in the case of the computer that helped you meanwhile, the same computer will be rewarded.
That is, with the help of the Buyer and Seller, the computer that will be rewarded will be the printing of the new cryptocurrency.
Conclusion
In this article we have tried to understand about Crypto in very simple termsHow Crypto has revolutionized the economy of the whole world Are cryptocurrencies printed like other currencies? And why the need for digital currency i.e. Crypto? I hope you have understood the crypto in very simple words better in this article
FAQ
Do people get rich off of crypto?
Some businessmen in crypto have become millionaires thanks to their successful investments. But the large number of people who have sunk their capital into trying to invest in a crypto is less debatable. Cryptocurrency is not about getting rich overnight you have to gain knowledge about it and then you can benefit from it.
Is cryptocurrency a good investment?
Before investing in cryptocurrency it is important to understand its algorithm so you can make better investments with better and more profit but as it is a new technology it needs a lot of work.
Which Coin will rise in future?
The second largest cryptocurrency in the world after Bitcoin is popularly known as ether. A major upgrade in 2021 included working down the supply but still with 122.37 million it is going to be a huge currency in the future.
){kind=link}
0 Comments