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Cryptocurrency is the new word in the currency market and everybody seems to be talking about it. Of late, everywhere someone or another appears to have an opinion about it. However, what actually is a Cryptocurrency? In simple layman words, Cryptocurrency is digital or electronic money. It's a digitized, virtual, decentralized money produced by the use of cryptography and can also be called automatic encoding and decoding of information.
The idea behind Cryptocurrency is it is made by using cryptography, which is a combination computer science and mathematical formula to fasten the combination on your transactions. The idea was first introduced in World War II when the need for safer and secure communication was crucial.
This idea has been slowly combined with the internet to bring about specific security algorithm, which cannot be cracked by any external sources. The first Cryptocurrency came out in 2009 and is still in use, while more was introduced over the years which are available online today. To obtain supplementary information on insider chaining kindly look at https://insiderchaining.com.
Cryptocurrency is designed using cryptography to impose security and anonymity in online monetary transactions. On a closer observation, this procedure appears to be safer than the usual procedure of money transaction as this process is intended to withstand any illegal intrusion from another source in your monetary transactions.
Gradually with time and popularity, the idea of Cryptocurrency is gaining notice among many individuals, which has peaked their interest. Not only is this method safe but there is also a guarantee that no external source can trace the activity of a particular user when using this method. Another important fact is that since it's not a government or bank possessed money the taxes on the money transacted by means of this method is lesser than the typical charges that people pay.
