What does blockchain mean?

Blockchain is a unique invention: the brain of an individual or group known as Satoshi Nakamoto. But since then it has evolved into something more important, and the central question everyone asks is: What is a blockchain?

By allowing digital data distribution but not copying, blockchain technology has created a new kind of Internet backbone. Originally designed for digital currency, the Bitcoin community technology (Buy Bitcoin) now finds other potential benefits of the technology.

Bitcoin is called “Digital Gold” and for a good reason. So far, the total value of the currency is close to 9 9 billion. And blockchain can create other types of numerical values. Like the Internet (or your car), you don’t have to know how the blocker uses it. However, the basic knowledge of this new technology demonstrates why it is considered revolutionary.

Blockchain stability and resilience

Blockchain technology is an integral part of the Internet. By storing identical data blocks on your network, blockchain cannot:

1. There is no single point of failure.

2. To be controlled by any single entity.

Bitcoin was invented in 2008. Since then, the bitcoin blockchain has worked without significant barriers. (So ​​far, all the problems related to Bitcoin are due to hacking or mismanagement, in other words, these problems arise from bad ideas and human errors, not from basic imperfections).

The Internet itself is about 30 years old. This is a record that is good for blockchain technology because it is still evolving.

Who will use the blockchain?

As a web infrastructure, you don’t need to know the chain of blocks to be effective in your life.

Currently, the use of money offers the most influential cases of the use of technology. For example, international financing. The World Bank estimates that more than িয়ন 40 billion in remittances were sent in 2015.

Blockchain potentially reduces the number of intermediaries for such transactions. Personal computing has become more accessible to the general public through the graphical user interface (GUI) inventory, which has transformed the “desktop”. Also, the most common GUIs designed for blockchain are called like this. Wallet applications are used by people to buy things with Bitcoin and store them with other cryptocurrencies.

Online transactions are closely related to the identity verification process. It is easy to assume that portability applications changed in later years to include other types of identity management.

http://counos.io

Types of cryptocurrency wallets and aspects of their overall security

There are different types of cryptocurrency wallets to allow users to store and access their digital currency in a variety of ways. The question that is relevant in this context is how safe are these wallets. Before taking the security aspect, it is helpful to understand the different types or varieties of currently existing cryptocurrency wallets.

Cryptocurrency wallets: Types and variations

These wallets can be broadly divided into categories:

  • Software wallet
  • Hardware wallet and
  • Paper wallet

Cryptocurrency software wallets can be further divided into desktop, online and mobile wallets.

  • Desktop software wallet: These wallets are meant to be downloaded and installed on desktop PCs and laptops. This particular variation provides the highest level of security although their accessibility is limited to the computer where they are installed. Moreover, if the computer is hacked or infected by a virus, one can lose all his money.
  • Online software wallet: This range of cryptocurrency wallets runs in the cloud. Thus, they can be easily accessed from any computing device and from any geographical location. In addition to the convenience of accessibility, these types of digital wallets store private keys online. The key is even controlled by a third party; This makes them vulnerable to easy hacking and theft.
  • Mobile Software Wallet: Unlike the other two variants, the mobile software wallet runs on a smartphone through an app. They can be easily used everywhere including retail stores and malls. This range of wallets is usually much easier and smaller than ordinary desktops to accommodate with very limited space on mobile handsets.

The difference between hardware and software wallet

Hardware differs from digital wallet software in terms of storing the user’s private key. Hardware Wallet stores user keys on a hardware device (for example, USB). Thus, the keys are stored offline, these wallets provide an extra security. Moreover, hardware wallets are easily compatible with many online interfaces and can also handle different currencies. It is also easy to transact with such cryptocurrency wallets. As a user, you simply need to plug in the device to any computer that is connected to the web before the PIN can be entered, transfers currency, and only confirms the transaction. Your digital currency is kept offline by the hardware wallet and thus, the risk factor or security concerns are also much less.

Paper Digital Wallet: This range of digital wallets also ensures user-friendliness and a high level of security. The term “paper wallet” simply refers to the hardcopy printout of the user’s public and private keys. However, considering the examples, it may also refer to a software application to create keys securely before printing.

Sweeping with a paper wallet

Paper wallets are relatively easy to use. To transfer any cryptocurrency to your paper wallet, simply transfer funds from the software wallet to the public address, which displays your paper wallet. Similarly, when you want to spend or withdraw your money, simply transfer the money from the paper wallet to your software wallet. This method is popularly known as ‘sweeping’.

It can be swiped manually by entering a private key or scanning a QR code in a paper wallet.

How secure is the cryptocurrency wallet?

Different types of digital wallets provide different levels of security. The security aspect depends on two things:

  • The type of wallet you use – hardware, paper, online, desktop or mobile
  • A selected service provider

Needless to say, keeping money in an offline environment is much safer than online. There is no way to ignore the security measures, regardless of who has chosen the wallet. If you lose your personal key, all the money in your wallet will be gone. On the other hand, if the wallet is hacked or you transfer funds to a scammer, it will not be possible to reverse the transaction or recover that money.

Investing in cryptocurrency is a smart business concept and for that, using a suitable wallet is inevitable. You just have to be more discriminating with the help you render toward other people.

St is a strong foundation for the world of digital currency – cryptocurrency

Welcome to the “crypto” world!

– A domain of blockchain technology

– Cryptocurrency market

– A closet in the Bitcoin payment system.

So, there’s this trend here or you can define it as a “digital currency world” to go into the game with a great move.

If you avoid bitcoin and cryptocurrency today, you will fall into a bad pit tomorrow. It is actually the present and future of the currency that does not know the steps to close. Since its inception to this day, it has been growing and helping many individuals around the world.

Whether the transaction is a recorded blockchain or a bitcoin system to manage the entire payment structure or to determine the Erc20 token wallet rules and etherium token policy সব everything is going hand-in-hand and moving towards a new ray of world currency.

Sounds great, doesn’t it?

Moreover, with the advent of such successful currency modes, many companies prefer to be a part of this game. In fact, it helps a business or organization to get blockchain technology or cryptocurrency without any hassle through a reliable blockchain development company. With a lot of knowledge and potential, these companies develop these currencies and play an important role in the digital economy.

Just for a nano-second, what if we assume that cryptocurrency will no longer exist?

Maybe, time will counter attack your thoughts!

Introduced by Satoshi Nakamoto first, Bitcoin was colonial and from that beginning, an innovative digital currency evolved with a spectrum of good things.

So, the question is – will cryptocurrency development or its promoter cryptocurrency development company be abolished or will it end?

Indeed, it is not possible to predict the future, but we can say that cryptocurrency or Erc20 or blockchain or bitcoin wallet development companies will be there with the same enthusiasm and passion to lend a hand to business verticals and organizations.

“Digital currency is going to be a very powerful thing,” said John Donaho, former eBay CEO.

And, as time crawls, it proves to be very accurate.

Indeed, there are some valid reasons behind the success of this concept.

Evidence of fraud:

Blockchain associated with cryptocurrency. Thus, every transaction is recorded in this public ledger, avoiding any fraud. And, all identities are encrypted to avoid identity theft.

Erc20 takes care of all rules and protocols, so there is no violation of rules and orders. If you are, be sure to contact the Erc20 development company and it must be within the rules.

You are the sole owner:

There is no third party or other assistant or electronic system to evaluate what you are doing. Only you and your client are maintaining the end-to-end experience. Isn’t that a great idea?

Withal, the settlement is instantaneous and it is without any other barrier between you and your seller. At the end of the day, it’s your call.

Easily accessible:

The Internet has made everything within reach and at your fingertips. It plays an essential role in the digital currency market or exchange market. You will have a better option for exchanging currency without using the traditional theoretical and time consuming method. And, cryptocurrency is a great way to get clue-in as an enthusiast for the sphere.

If you are a business owner and look forward to welcoming cryptocurrencies to your area, always go ahead with a firm resolve. Contact a trusted seller or cryptocurrency exchange developer to discuss everything about opening all the cards and then hit the ball in court.

AENCO Blockchain One Stop Shop

Aenco will integrate its solution platform and core financing ecosystem with the wider healthcare technology community through the AEN token, which extends across the core ecosystem building block and across all its services and community delivery.

AENCO – Blockchain based healthcare technology financial solutions platform

Aenco is the world’s first blockchain-based healthcare technology financial solutions platform

Using healthcare technologies under one umbrella with the help of institutional financing, prime brokerage and smart capital solutions. It is a “one-stop shop” for providing state-of-the-art institutional financing, prime brokerage and core smart capital solutions for the healthtech industry, as well as a research and collaboration center for projects involving healthcare companies and blockchain development. It will integrate its solution platform and core financial ecosystem with the wider healthcare technology community. Empower emerging and innovative healthcare companies with the power of digital financing, so that they can focus on creating high-potential and influential technologies that can change our world and our daily lives. Supported by the group’s planned regulated infrastructure (including the establishment of a commercial bank within the group) and presence in major jurisdictions, including Europe, Hong Kong and the United States, through which Aenco will effectively deliver its solutions, a growing and rapidly evolving ecosystem

3 main pillars of AENCO

1. IB Solutions AEN Connect – Smart Wallet and Aenco Portal; AENX – token exchange platform; AEN connection escrow and custody; ICO Gateway, Subscription and Integrity Program; Research coverage, community discussion and news distribution portals; UX / UI application for multi-service HealthTech utility sharing platform.

2. Prime Solution AN Connect – cryptocurrency and cross-asset collateralized financing platform; A pooling and order matching platform for financing providers and orro recipients using cryptocurrencies and major fiat currencies as collateral; Integration with Aenco SmartCap Solutions to facilitate clearing Fiat currency; Issue of margining and clearing systems and structural over-the-counter products for parallel financing; Client custody and asset separation arrangements; Regulatory and financial reporting protocols; Integration with AENX and External APIs systems for execution and settlement services.

3. SmartCap Solutions – AEN Token Transaction Integration System with core financial modules; Connect smart wallet and “steak proof” integration system with AEN core financial modules; Integration with AENX and Aenco Prime platforms supports system clearing services.

Towards AENCO Platform Regulation and Beyond

They adhere to the rules issued by regulators worldwide, and while regulators may take a different approach to these ICOs, they have all moved toward greater transparency in the necessary regulatory framework that regulates the requirements of token issuers in order to provide general protection. For market participants and better expression. To address regulatory aspects, Aenco is expanding into new markets, while building long-standing traditional business infrastructure, establishing a controlled presence in several major jurisdictions.

They believe it is a matter of time before the ICO will be adopted as a mainstream alternative financing tool for growth companies and a global regulatory framework will emerge to address such new challenges. They believe in creating a sustainable servicing platform for emerging growth agencies and entrepreneurs, the group is establishing a globally regulated platform between major continents and markets.

In the case of healthtech-based start-up companies and medical innovations, the successful pairing of sound science and strong financing is critical to potential growth and discovery. However, due to the intensive nature of business capital, the ability of emerging biotechnology and medical technology companies to contain stable and influential sources of money is internally difficult.

Aenco’s platform seeks to stay at the forefront of this exciting technological and social development, as well as capitalize blockchain-based applications for developing long-term track records of its regulated activities and dedication to both digital asset acquisition and financial services.

Aenco believes that digital financing such as ICO is rapidly becoming “mainstream” and that with this development, many aspects of traditional traditional banking can be adopted, developed and applied to the blockchain.

Community. Aenco will be the first to embrace such digital financial integration to serve the healthtech sector and its significant community.

Aenco aims to establish a global full-service blockchain-based financial solutions platform, while operating before increasing regulatory requirements within a globally recognized regulatory framework, by utilizing a decentralized blockchain-based financial ecosystem that integrates traditional and modernization of capital market services. . Such services will be operated and capitalized as exchangeable via Acceptable Major Crypto (BTC, ETH) in exchange for an internal enhanced core utility token “AEN”; Proof of AEN’s stakeholders will be eligible to enjoy pre-defined utility benefits across the Aenco ecosystem.

AENCO core technology

1. AEN CONNECT: Smart Wallet with the functionality of “Wealth App”

2. AENCO Ico Gateway and Platform

3. AENCO Custodial Wallet with enhanced security

4. In-House Developed Trading Exchange (“AENX”)

5. Aen Connect applications and API integration across multi-service platforms

6. Aenco Decentralized Prime Brokerage Platform (“AENCO Prime Solution”)

AEN token holder facility

1. Indicative financial utility benefits and access

– Secured nding, reduced fees, increased and decreased interest rates, alternative investments, discounted investments, access to ICO research portals, increased security, improved flexibility and more.

2. Medical utility benefits from healthtech partners

– Robotic surgery, surgical procedures and technology, specialized facilities and services and much more.

AEN token sale

Token sales are currently at the personal sale stage.

They are not accepting contributions from residents of the United States, Samoa, China and OFAC approved countries. For Hong Kong-based contributors, you must qualify as a “professional investor” under the Hong Kong SFC Guidelines and Rules and provide proof of assets. They need you to go through our sign up process. To get AEN tokens, they need you to go through our KYC verification. First investor bonus for private sale and pre-sale period. You will be assigned an AEN token after confirming the contribution. The ICO will be followed by a token distribution date. The exact date will be announced soon. Depending on the level of contribution, there will be lock-up restrictions on withdrawals.

AEN contact details

Telegram – https://t.me/AENCO

Facebook – https://www.facebook.com/AENCOIN/

Twitter – https://twitter.com/aencoin

Posted by: Marlowe C. Lucena – marloulucena@gmail.com

Getting started with crypto

Investing in the cryptocurrency market space can be a little daunting for conservative investors, as investing directly in cryptocurrency (CC) requires the use of new tools and adoption of some new ideas. So if you decide to immerse these toes in this market, you will want to have a very good idea of ​​what to do and what to expect.

To buy and sell CC you need to choose an exchange in which you want to buy and sell products, choose Bitcoin, Lightcoin, or any one of the more than 1300 tokens of the game. In previous editions we have given you an overview of the products and services available on some exchanges to give you an idea of ​​the different offers. There are many exchanges to choose from and they all work in their own way. Find things that are important to you, for example:

– Deposit policy, method and cost of each method

– Withdrawal policy and costs

– They do no fiat currency transactions for deposits and withdrawals

– The products they trade, such as crypto coins, gold, silver, etc.

– Transaction costs

– Where is this exchange based? (United States / United Kingdom / South Korea / Japan …)

Be prepared for the details and length of the exchange setup process, as exchanges usually want to know a lot about you. This is equivalent to setting up a new bank account, because exchanges are brokers of valuables, and they want to make sure that you are who you say you are, and that you are a trusted person to deal with. It seems that “trust” is gained over time, as exchanges usually only allow small amounts to start with.

Your exchange will keep your CC in your storage. Many offer “cold storage” which simply means that your coins are kept “offline” until you indicate that you want to do something with them. There have been several reports of exchanges being hacked, and many coins being stolen. Think of something like a bank account on the exchange of your currencies, but remember that your coins are only digital, and all blockchain transactions are immutable. Unlike your bank, these exchanges do not have deposit insurance, so be aware that hackers always try their best to get your crypto coins and steal them. Exchanges typically offer password protected accounts, and many offer a 2-factor authentication scheme – something to seriously consider in order to protect your account from hackers.

Hackers prefer to exchange and prey on your account, we always recommend that you use a digital wallet for your coins. Transferring currency between your exchange account and your wallet is relatively easy. Be sure to choose a wallet that you want to buy and sell all the coins. Your wallet is also the device you use to “spend” your money with merchants who accept CCs for payment. There are two types of wallets “hot” and “cold”. Hot wallets are very easy to use but they expose your coins to the Internet, but only to your computer, not to the Exchange server. Cold Wallet uses offline storage media, such as special hardware memory sticks and general hard copy printouts. Using a cold wallet makes transactions more complicated, but these are the most secure.

Your wallet has a “Personal” key that allows you to initiate all transactions. You have a “public” key that is shared across the network so that all users can identify your account when transacting with your user. When hackers get your private key, they can move your coins anywhere they want and it is immutable.

Despite all the challenges and wild instability, we are convinced that the underlying blockchain technology is a game changer, and will revolutionize how transactions are handled.

Beginner’s Guide: Introduction to Cryptocurrency

Introduction: Investing in cryptocurrencies

The first cryptocurrency to come into existence was Bitcoin which was built on blockchain technology and was probably launched in 2009 by a mysterious man Satoshi Nakamoto. At the time of writing this blog, 17 million bitcoins were mined and it is believed that a total of 21 million bitcoins could be mined. The other most popular cryptocurrencies are Etherium, Litcoin, Ripple, Golem, Civic and Bitcoin hard forks such as Bitcoin Cash and Bitcoin Gold.

It is advised to users not to keep all the money in one cryptocurrency and try to avoid investing in the cryptocurrency bubble peak. It has been noticed that prices have dropped sharply while crypto bubbles are at their peak. Since cryptocurrency is an volatile market, users must invest the amount they can lose because there is no government control over cryptocurrency because it is a decentralized cryptocurrency.

Apple co-founder Steve Wozniak predicted that Bitcoin is a real gold and that it will dominate all currencies like USD, EUR, INR and ASD in the future and become a global currency in the coming years.

Why and why not invest in cryptocurrency?

Bitcoin was the first cryptocurrency to come into existence and then around 1600+ cryptocurrencies were introduced with some unique features for each currency.

Some of the reasons I’ve felt and want to share are that cryptocurrencies are built on decentralized platforms – so users don’t need a third party to transfer cryptocurrencies from one destination to another, unlike fiat currencies where users need a bank-like platform from one account to another. To transfer money. Cryptocurrency built on a very secure blockchain technology and almost zero chance of hacking and stealing your cryptocurrency unless you share some of your important information.

You should always avoid buying cryptocurrencies at the top of the cryptocurrency-bubble. Many of us buy cryptocurrencies in the hope of making quick money and fall prey to bubble fraud and lose their money. It is good for users to do a lot of research before investing money. It is better to keep your money in multiple cryptocurrencies instead of one, as it has been observed that some cryptocurrencies increase more, some average if another cryptocurrency goes into the red zone.

To focus on cryptocurrency

In 2014, Bitcoin occupied 90% of the market and the remaining 10% of the rest of the cryptocurrency. In 2017, Bitcoin still dominated the crypto market but its share fell sharply from 90% to 38% and Altcoins like Litecoin, Ethereum, Ripple grew rapidly and occupied most of the market.

Bitcoin still dominates the cryptocurrency market but you don’t have to consider it the only cryptocurrency when investing in cryptocurrency. Here are some key cryptocurrencies you must consider:

Bitcoin

Litecoin

Wavy

Etherium

Tron

Citizens

Golem

Mind you

Where and how to buy cryptocurrency?

Although buying cryptocurrency a few years ago was not easy but now users have many available platforms.

In 2015, India has two major bitcoin platforms Unocoin Wallet and JebPay Wallet where users can simply buy and sell Bitcoin. Users only need to buy Bitcoin from the wallet but not from another person. There was a price difference between the buying and selling rates and users had to pay a nominal fee to complete their transaction.

In 2017, the cryptocurrency industry grew exponentially and the price of Bitcoin increased spontaneously, especially in the last six months of 2017 which forced users to look for Bitcoin alternatives and surpassed 1.4 million in the Indian market.

Since Unodax and Zebpay were the two main platforms in India that dominated the market with 90% market share – which only worked on Bitcoin. This allows other organizations to grow with other altcoins and even forces Unocoin and others to add more currency to their platform.

Unocoin, one of the leading cryptocurrency and blockchain companies in India, has launched UnoDAX Exchange, a special platform for its users to trade multiple cryptocurrencies in addition to Bitcoin trading on Unocoin. There was a difference between the two platforms – Unocion was only providing instant buy-sell bitcoin when users on UnoDAX could order any available cryptocurrency and if it matched the recipient, the order would be executed.

Other major exchanges available for trading cryptocurrencies in India are Coinex, CoinSecure, BitBNS, WazirX.

Users need to sign-up with email id and submit KYC details to open an account at any cost. Once their accounts have been verified, anyone can start trading their favorite coins.

Users need to research well before investing in any coin and do not fall into the trap of cryptocurrency-bubble. Users must research the reliability of the exchange, transparency, security features and much more.

All exchanges charge a nominal fee for each transaction. There are two types of charges – maker fee and taker fee. In addition to the transaction fee, one has to pay a transfer fee if you want to transfer your cryptocurrency to another exchange or your personal wallet. Charges depend only on the currency and the exchange because there is a difference in value for the transfer of currency in different exchanges.

Major Altcoins other than Bitcoin

As mentioned above, Bitcoin dominates the market with 38% market share, followed by Ripple, Etherium, Litcoin, Bitcoin Cash. Exchanges like UnoDAX, Bitfinex, Kraken, Bitstamp list Golem, Civic, Raiden Network, Kyber Network, Basic Attention, 0X, Augur, Monero, Tron and many more. If any coin matches your portfolio then you must buy it.

But, you must keep the money in the market that you can afford to lose because the cryptocurrency market is very volatile and there is no government control over it.

When to buy?

There are no hard and fast rules when it comes to buying your preferred cryptocurrency. But one must do research on market stability. You shouldn’t be at the peak of cryptocurrency bubbles or when they are constantly crashing. The best time is always considered when the price remains stable at a relatively low level for some time.

Cryptocurrency storage methods

Before buying a cryptocurrency, one must understand how to keep your cryptocurrency safe.

Generally, all exchanges offer storage facilities where you can keep your coins safe. They should not share their username, password, 2FA when you place cryptocurrencies on the exchange.

Paper Wallet, Hardware Wallet, Software Wallet are some of the channels where one can save their cryptocurrency.

Paper Wallet: Paper Wallet is an offline cold storage system for keeping your cryptocurrency. It prints your private and public keys on a piece of paper where the QR code is also printed. All they need to do is scan the QR code for future transactions. Why is it safe? No need to worry about your account being hacked or being attacked by a malicious malware. All you have to do is keep your piece of paper safe in a locker and keep two to three pieces of paper wallet under your complete control if possible.

Hardware Wallet: A hardware wallet is a physical device where you keep cryptocurrencies safe. There are many forms of hardware wallet but the most commonly used hardware wallet is USB. When you keep your cryptocurrency in a hardware wallet you just have to remember not to lose your hardware wallet because once it is lost you will not be able to recover your cryptocurrency.

A famous incident, where a person digs 7000+ bitcoins and saves them in a hardware wallet and puts it with another hardware wallet. One day he throws the hardware wallet where he stores his cryptocurrency instead of the damaged hardware and he loses all his bitcoins.

What can you buy from cryptocurrency in India?

Most people assume that buying and selling any cryptocurrency is only for investment and to get higher returns in the long and short term. Influential and Bitcoin investors believe that in the coming years Bitcoin will dominate all Fiat currencies and be adopted as an international currency.

Dell is one of the largest e-commerce businesses accepting Bitcoin as a payment. Expedia and UNICEF are other examples.

In India, Dream Book Mall was accepting Bitcoin as payment using Unocoin Merchant Service. People were booking movie tickets through BookMyShow or recharging their mobiles using the Unocoin platform. According to reports, they have stopped the service but plan to resume in the near future.

Conclusion:

Cryptocurrency is one of the growing investment sectors and it has given excellent returns compared to real estate, gold, stock-markets, etc. in the past. You can buy cryptocurrencies and hold on to them in the long run to get excellent returns or go for quick profits in the short term as we have seen many coins grow at 1000% + in the past. Since cryptocurrency is an unstable market and the government has no control over the industry. They need to invest in any cryptocurrency that they can afford to lose.

You can save your cryptocurrency in hardware wallet, paper wallet, software wallet if you do not want to keep it in the exchange where you are trading.

Peer to peer cryptocurrency

If you want to make flexible, anonymous and secure currency transactions, the concepts of cryptocurrency need to be clarified. There are many benefits to using this type of currency if you have the desire to do peer-to-peer business.

Basic requirements for such currency transactions

In order to transact such currency between two colleagues, a blockchain is required. No credible third party is required to perform such transactions when it is present. The system provides a way to make a secure transaction because it is impossible for hackers to manipulate any transaction or create false data.

The advantage of using such a system of transactions

There are many benefits to using such a nature of peer-to-peer transactions. Let’s take a look at them.

Pseudonym: Everyone who transacts using cryptocurrency has a unique identifier. The uniqueness of the identifier is that it is not related to the username and address. Identification can be easily changed for each transaction with just a few clicks.

Wallet: A wallet is a place where you can practically save your money and use it for the nature of any transaction. There are many ways to secure your wallet. You can use passwords, encryption or dedicated hardware to get this kind of security. You can easily get privacy and security for the money in your wallet.

Secure transactions: You can expect the most secure cryptocurrency transactions. Creating a global network of computers manages every transaction. It is a network that is not operated by any central regulatory authority so this decentralized nature of cryptocurrency allows one to make a perfect peer-to-peer transaction.

The transaction has been made more secure as money cannot be taken away from anyone by force. Thousands of checks are made before the transaction and if any error is detected the transaction is closed. It can be said that this type of transaction is more secure than using a credit card.

Automatic transactions: This nature of peer-to-peer transactions can be automated using smart contacts. The system will automatically process the transaction according to the rules you set. For example, if you want to transfer a certain amount of money to a specific account after having a certain amount of funds, the system will automatically follow such instructions.

Quick settlement: Having this medium of transaction means you don’t have to wait long to have money in your account. The peer-to-peer nature of transactions obtained using cryptocurrency allows one to reduce the intermediaries and therefore the various items associated with it. So, you can expect to get the fastest way of currency transaction using these methods.

Easy payment:

Paying using cryptocurrency is quite easy. You do not have to pay a hefty fee or provide details in order to make such a transaction possible. The amount will be sent to the receiver in a few seconds.

Thus, it is easy to see how effective and beneficial it is to make peer-to-peer transactions using cryptocurrency.

The basics of cryptocurrency and how it works

In the time we live in, technology has made incredible advances compared to any time in the past. This evolution has redefined human life in almost every case. Indeed, this evolution is an ongoing process and thus, human life on earth is constantly evolving day by day. One of the latest inclusions in this direction is cryptocurrency.

Cryptocurrency is nothing more than a digital currency, designed to impose security and privacy on online financial transactions. It uses cryptographic encryption to both create coins and verify transactions. The new currencies are created by the mining process, where transactions are recorded on a public ledger, called a transaction block chain.

Small backtrack

The evolution of cryptocurrencies is largely responsible for the virtual world of the web and involves the process of converting readable information into code, which is almost unknown. Thus, it becomes easier to track the purchases and transfers involved with the currency. Cryptography, since its introduction in World War II to protect communications, has evolved in this digital age, combined with mathematical theory and computer science. So, it is now used not only for communication and information, but also for money transfer across the virtual web.

How to use cryptocurrency

It is very easy for ordinary people to use this digital currency. Just follow the steps below:

  • You need a digital wallet (of course, to save money)
  • Use wallet to create unique public address (this enables you to accept currency)
  • Use public addresses to transfer funds in or out of wallets

Cryptocurrency wallet

A cryptocurrency wallet is nothing more than a software program that is capable of storing both private and public keys. In addition, it can interact with various blockchains, allowing users to send and receive digital currency and monitor their balance.

The way digital wallets work

Unlike conventional wallets that we carry in our pockets, digital wallets do not store money. In fact, the concept of blockchain has been so cleverly mixed with cryptocurrency that currencies are never stored in certain places. Or they don’t exist anywhere in solid cash or physical form. Only records of your transactions are stored in the blockchain and nothing else.

Real life examples

Suppose a friend sends you some digital currency, say in the form of bitcoin. All this friend does is transfer ownership of the coin to your wallet address. Now, when you want to use that money, you have unlocked the fund.

To unlock funds, you need to match the private key in your wallet to the public address where the coins were allocated. Only when these private and public addresses match, will it be credited to your account and your wallet balance will swell. At the same time, the balance of digital currency senders will be reduced. In transactions related to digital currency, the actual exchange of real money never occurs.

Understand the address of cryptocurrency

Naturally, this is a public address of a unique character. This enables a user or owner of a digital wallet to receive cryptocurrencies from others. Each public address, which is generated, matches the personal address. This automatic match proves or establishes ownership of a public address. As a more practical analogy, you might consider a public cryptocurrency address as your email address where others can send emails. Email is the currency that people send you.

Understanding the latest version of technology in the form of cryptocurrencies is not difficult. One needs to have a little interest and spend time on the net to clear up the basics.