Bitcoin surpasses $2100 for the first time, how much do you know about cryptocurrency?
What is cryptocurrency ?
Cryptocurrency is a form of payment that can be exchanged online for goods and services.
As any currency, cryptocurrencies can be used in our daily life, but unlike other currencies, cryptocurrencies are digital and use cryptography to provide secure online transactions. At present, only some countries in the world allow it to be used as an official currency, but in the data monetization market, the popularity of cryptocurrency is not diminished, especially BTC is the most well-known.
Bitcoin lost 25% in the coronavirus pandemic in March, but Bitcoin is still soaring. On Wednesday, the world's largest cryptocurrency surged 10% to $21,293 in New York for the first time.
How does it work ？
The encrypted currency uses an encryption system that can convert data into a code. The process of converting this information into a secret code is known as cryptography. It can protect every transaction data and only has a decryption key certain people can read it. Each transaction data can be queried, traced back, and cannot be modified. It is secure, encrypted, anonymous, and not controlled by any third part, bank, assists, or manages the exchanges.
Bitcoin—the most widely used cryptocurrency. It transferred from one user’s wallet to another user’s wallet. You can create your digital wallet from Coinbase, and then generate and address. To give your digital address to whom you’re planning to make the transaction.
Where we can use cryptocurrency ?
Cryptocurrency only exists in the digital environment, that is, you cannot use wallets, cash, checks, etc. in the same way as traditional currencies. Encrypted currency is stored in a data wallet, which you can only use a computer or mobile device to access via the Internet, and can be used in software programs for online consumption.
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