A popular belief about cryptocurrency was that it would be a big fail but the recent returns of Bitcoin and altcoins proved all of us wrong.
What is Cryptocurrency?
Cryptocurrency is a digital currency cryptocurrency wallet whose ownership and transactions data are recorded on an electronic ledger.
In fact,Guest Posting this electronic ledger is a cryptocurrency’s blockchain that updates together on over 10,000 computers around the world.
Further, the protocol defines the creation and proof for the transactions of cryptocurrency
In other words, the protocol is a list of rules that define how the process will carry out to update the task into the ledger.
Moreover, the transactions are in the form of unique codes and secured by cryptography principles.
Cryptography allows the transactions such as creation, change of ownership, etc. to record in various databases through blockchains
But, the blockchains can be public or private.
If it is public, anyone can write the list of transactions and it doesn’t have any gatekeepers to approve or reject the parties
If it is private, then the allowed gatekeepers have full authority to approve or reject parties to carry out any transactions.
For eg: Bitcoin and Etherum belong to the public blockchains.