Cryptocurrency is the new reality of payment systems, which has been on the market since 2009, but has really attracted the attention of everyone from heads of state to giant investment companies for the last five years. The cryptocurrency system, which has yet to reach a niche audience even in the technology community, is still a big mystery for end users. In this article, we wanted to introduce cryptocurrencies more closely, which for many of us have not yet clearly penetrated our lives, but we predict that there will be much more in the near future.
In order to understand the concept of crypto money, first of all, it is necessary to know what “crypto / cryptology” is. Cryptology is the science of encryption in its simplest form; In other words, it can be expressed as all of the techniques used to transform a readable information into an unreadable state by undesirable parties.
The word “Cryptocurrency”, created by combining the words “crypto” and “currency”, means crypto, “cryptic money”. Cryptocurrency refers to a virtual currency that is used via the internet and is not dependent on any central authority or intermediary institution. Cryptocurrencies get this name because they can only be used through passwords from virtual wallets where they are placed using certain passwords.
With cryptocurrencies, individuals or institutions can spend or accept money just as they would with real money. In fact, we have been familiar with this system for years because we use it for our bank cards, virtual cards or every transaction we make in the virtual environment. For example, in a spending we make with our virtual card, we spend money virtually, without physically leaving the bank’s safe.
Unlike real money, cryptocurrency is not a hand-held value carried in a leather wallet. No state or private institution has a say in the production of these coins, which have developed with a decentralized system, and they are not affected by the economic situation of any country. To put it briefly, cryptocurrencies are organic structures and are produced by individual users, without any government support or central authority, and gain a certain value. This allows the currency to be referred to as more secure.
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