Cryptocurrency

What is cryptocurrency and is that good for make money?

Crypto Currency “or Cryptography” is a controversial digital asset designed to function as a cryptographic means of exchange to secure your transactions, additional tracking units and asset transfer. Cryptocurrencies are a type of digital currency، alternative currency، and virtual currency. Cryptocurrencies use decentralized control instead of a centralized system of electronic money and central banks.

The decentralized control of any cryptocurrency works through the blockchain, which is the basis of public transactions, which works as a distributed record.

Formal definition:

According to Jan Lansky، cryptomagic is a system that meets four conditions:

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

• If two different purchase change instructions for the same cryptographic units are entered, the system executes at most one of them.

• The system allows transactions to be performed in a way that changes the owner of the cryptographic unit. A mirror transaction can only be issued by an entity that verifies the actual owners of those entities.

• Ownership of cryptocurrency units can be indicated exclusively cryptographically.

General overview:

Decentralized cryptography collectively produces the entire system of cryptographic services at the rate determined during system creation and is publicly known. In centralized banking and economic policies, such as the Federal Reserve System، administrative committees or governments control the money supply by printing units of fiduciary funds or requiring complementary digital ledgers.

In the case of decentralized cryptocurrency, governments or companies cannot produce new units and yet they are not compatible with companies، banks or other entities that have property values. The primary technical system based on decentralized cryptocurrencies was created by a group or individual known as Satoshi Nakamoto.

As of May 2019، there were more than 1,900 transparent crypto specifications. The cryptocurrency’s data, security, integrity and balance system are maintained by a community of mutually suspicious parties called minors who use their computer to confirm transaction times, adding them to the registry according to a specific timestamp scheme.

Most crypto copies are designed to gradually reduce the production of this currency by limiting the total amount of those coins that will be in circulation. Compared to common currencies held by financial institutions or held

cash on hand, the police may have a harder time catching cryptos. This problem comes from the use of cryptographic technologies.

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