What Is Cryptocurrency: Financial StatementsWhat Is Cryptocurrency: Financial Statements

What is Crptocurrency? It is a digital kind of making transactions and it is taking the world by storm. It is a kind of medium of exchange that is recorded in a digital space which is supposed to be secure and independent from government control. It means that there is no central authority to maintain the system. Cryptocurrency uses a block chain, which is a public ledger that is made of code and data that is recorded in the virtual world which is always synchronized. This means that the transactions taking place are valid and real and is automatically recorded on the virtual space. The cryptocurrency is securely encrypted through a block chain which is secured by a private digital key. When transactions are encoded in the public ledger, a certain algorithm is used to verify them in order validate authenticity which makes it unhackable superior to other forms of online transactions. The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain, which serves as a public financial transaction database Cryptocurrencies are taking the world by storm because in the modern world, it is the best and most efficient way of trade. Since it happens in the virtual networks that are present around the world, one only needs a reliable internet connection to create transactions. Another element that cryptocurrency has is that is completely independent and there is no central authority that controls it. This means that it has a very stable value that is not affected by certain factors that are mediated by the governments and banks. Although Cryptocurrencies are not backed by a sovereign government and do not ...