The hysteria behind crypto currency is growing day by day. Many people think crypto currency as currency in the form of cryptic. While you’re still having vague knowledge about the crypto currency, few people have earned millionaire status by dealing in it. Crypto currency is a decentralized, digital and virtual currency produced by decoding and encoding complex set of algorithms. Cryptography is the essence of debit card, e commerce and e banking. There is no organization that regulates crypto currency. Cryptography is totally contrasted of fiat money because fiat money is regulated by government and is legal tender money. Crypto currency can be used to sell, purchase and invest and doesn’t involve government interference at all. It is totally a destabilized form of currency as it gives the user complete status of anonymity.
Method of mining crypto currency
Crypto currency is mined through mathematical algorithm. There are many companies that provide mining of crypto currencies. If you want to encode or decode crypto currency you can use this website https://gsmining.com/referral/334361/. The miner runs series of computational analysis to form block. Then miners then find data that is similar to the pattern of cryptographic algorithm. The companies that provide cryptograph mining use special kind of computer particularly designed for crypto currency mining. Because of the complexity of the algorithm, it is almost impossible for the hackers to hack crypto currency.
The major features of crypto currency
- The transaction made by crypto currency cannot be reversed. There is no safety to this money. If you send the amount by mistake to hacker or spammer then by no means you can get back your currency lost.
- You can only analyze the transaction flow but you cannot identify the real faces behind those transactions. It is impossible to connect through real world identity.
- It provides security as strong cryptographic algorithms and big numbers make it impossible to hack.