What is Cryptocurrency Meaning, Explained the Easy Way and Simple Word

This is the first article on the Omahcyber.net blog's , in this post we will tell you about a trend in the internet, that about digital currencies.

What is Cryptocurrency (Digital Currencies)?

Cryptocurrency has existed about ten years ago and has now become quite popular, widespread, and surrounded by many controversies from innovative developments. Cryptocurrency is a technology for making digital currencies. This technology uses cryptography for security which makes it unable to be faked.

There have been more than 500 cryptocurrency created based on coinmarketcap.com. Some cryptocurrency has a variety of different concepts and some have concepts that mimic other coins. but not all crypto currencies are popular, especially in Indonesia.

Etymologically, cryptocurrency is composed of two words, namely crypto which refers to cryptography or coding language in the world of computers and currency that refers to the value of a currency. It can be drawn the definition that cryptocurrency is a digital currency mechanism that can be used to transact virtually (over the internet) that is protected by a complex computer coding.

How does Cryptocurrency work?

What different about the currency that is currently commonly used, such as the Rupiah, which has also been widely used for digital transactions? Cryptocurrency has a decentralized nature, while the transaction model that has often been used in society is centralized. A decentralized money system is a network capable of connecting its users without the need for intermediaries or third parties or central authorities such as banking or government. It's cool, this method can be used anytime and anywhere, regardless of bank work days or government workdays, there is no downtime and transactions can be done in minutes.

Transactions are conducted peer-to-peer from the sender to the recipient. All transactions are recorded on computers on the network, throughout the world, or called miners (miners who help secure and record transactions on the network). Miners themselves will get commissions with virtual money used, but not everyone can become a miner, because special skills are needed with complex computational processing to solve cryptography used. This is one reason why cryptocurrency miners generally use high-specs and special computers.

The types of cryptocurrency that exist today in the world

There are several types of cryptocurrency that are currently widely used, for example Bitcoin, Ethereum, Litecoin, Monero, or Ripple. Bitcoin is the first digital money launched, and is currently the most valuable. One of its uniqueness, Bitcoin was only created up to 21 million coins (predicted that it will only be mined in the upcoming 2140), this is a protocol that cannot be contested because it has become an agreement from the beginning. in this presence they have advantages and disadvantages
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