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Because anyone can create their own crypto currency, there are currently over 600 different ones available. However only a few of these are widely accepted. The most popular crypto currencies are Bitcoin, Lite Coin and Dodge Coin.
They are used for the same exact things that the regular money is used for. Making transactions to purchase physical or digital goods or services.
Crypto Currencies are generated through a process called mining which is done through a miner’s computer.
Absolutely, in fact it is extremely profitable both through mining and investing. Infact some of the early investors in Bitcoin are now millionaires. However investing in crypto currencies can be a risky business because they fluctuate in values so much.
The price of crypto currency is decided in a similar way to stocks in the sense they are completely driven by supply and demand. If the demand for crypto currency is high, it will raise in price. Likewise, if the supply is higher than the demand the price will drop.
It is incredibly secure and vulnerabilities are quickly fixed when they are found. Most lost coins are the result of user errors such as accidentally deleting the wallet or leakage of user account passwords.
If the wallet containing the coin is destroyed, the coins are virtually gone. While they are still technically in existence, there is no way to ever regain those coins and thus they will never be in circulation. This means that crypto coins will always become continuously scarce as more of them are lost.
Unfortunately YES, however this can be easily avoided by encrypting your wallet. After encryption your wallet you are prompted to provide a password before transactions can be made preventing hackers from stealing your coins unless they know your password.
Crypto currency has numerous advantages which can make them more desirable to use under certain situations. The advantages include:
These are a few of the many advantages of crypto currency.
There are two ways to acquire a crypto currency. You can have it either through mining or purchasing/transfer of the currency. Mining is the process of generating crypto currency by solving difficult mathematical problems. Example: Gold miners trying to find gold before the other one does, it is the same way but replace the thicken shovel with the computer.
It is a set of verified transactions kept together in a chain in the database. A block is all the recent transactions in that currency and this block gets appended to the previous ones and during that it creates a chain and that is called block chain. A block chain is a mechanism to track a coin’s complete history.
Once a problem has been solved, then it gets validated and confirmed and then the block is added to the chain and then it becomes part of the permanent database.
What is interesting about the block chain is that it makes every single transaction traceable through the publicly accessible ledger. With a clear way to track the use and exchange of coins, the possibilities of fraudulent transactions are no-existent.