Crypto currency is a form of digital money which is designed for secure transaction and mostly, anonymous. It is an internet based currency that uses cryptography, the process of converting information into untraceable codes, to track purchases and transactions. kripto para was born when the people lacked secured communication and transaction during the Second World War, this is an encrypted, decentralized transaction between peers and confirmed in a ledger by the process known as mining.
There are many reasons that make crypto currency different from the financial systems of the past. Below mentioned are some of those reasons:
- Adaptive scaling : adaptive scaling means crypto currencies are built with measures to ensure that they work good in both large and small scale
- Cryptographic: crypto currency uses a secure system of encryption which controls the creation of coins and transactions
- Decentralized: the transactions are from an open source, controlled by code and rely on peer to peer networks and no entity can affect the transaction.
- Digital: the currencies are digital often called digital coins are stored in digital wallets and are transferred digitally to another person’s digital wallet with high end security. Physical objects never exist.
- Open source : it is an open network and anyone can join at any time and do the transactions
- Proof of work: proof of work is done to limit the exploitation of mining process.
- Pseudonymity: owners of the virtual money keep their digital coins in an encrypted digital wallet. The details of the coin holders are stored in an encrypted address which is not attached to personal identity. The connection between the coin holders and coin is pseudonymous but the transactions are anonymous.
- Value: in crypto currency, the coins are generated or produced by the miners. The amount of work behind mining coins gives them the value, the scarcity and the demand of coins. This causes the value to fluctuate.
kripto para has introduced a new trend in this digitally developing world where the transactions are achieved with minimal efforts, have no barriers to stop or resume the transactions and the transactions and personal information is kept anonymous and safe.