Saturday, 25 November 2017

What is cryptocurrency? And why it is becoming popular?

The cryptocurrency is a digital currency or virtual currency. In crypto currency, you won’t get note or coin of that crypto currency. Unlike you can see dollar, ruble, euro in notes and coins but in cryptocurrency, you will get one number that you can use to buy goods or services. Wow, imagine that you have one currency that you can’t see it, can’t touch it physically which is stored online in your specific E-wallet account and most of the countries, banks and financial agencies are not recognize it as a currency that’s why it is called virtual currency or digital currency or alternative currency. Nowadays, cryptocurrency is growing very fast and becoming the alternative currency. Bitcoin is most popular in cryptocurrency. Most of you guys know or heard about bitcoin and its value is around 8100 US Dollar.A lot of people are investing, trading in bitcoin as they have trust in it.
There are thousands of crypto currency are available apart from bitcoin like Ethereum,Ultracoin,Reddcoin ect. All these coins except Bitcoins are called as Altcoins.You can see the crypto currency list in below table,

Cryptocurrency List / Altcoin List
Aiden (ADN)
Coinye (COYE)
Feathercoin (FTC)
MaruCoin (MARU)
NyanCoin (NYAN)
Unobtanium (UNO)
AlphaCoin (ALF)
CopperLark (CLR)
Grandcoin (GDC)
Maxcoin (MAX)
ParallaxCoin (PLX)
Vertcoin (VTC)
AmericanCoin (AMC)
Diamond (DMD)
Groestlcoin (GRS)
MazaCoin (MZC)
PawnCoin (PAWN)
Whitecoin (WC)
AnonCoin (ANC)
DigiByte (DGB)
KarmaCoin (KARM)
Megacoin (MEC)
Pkr Coin (PKR)
Xencoin (XNC)
AuroraCoin (AUR)
DOGE (DOGE)
KlondikeCoin (KDC)
Metiscoin (MTC)
Pxl Coin (PXL)
Zetacoin (ZET)
Bonus (BNS)
Dopecoin (DOPE)
LegendaryCoin (LGD)
microCoin (MRC)
QQCoin (QQC)
CasinoCoin (CSC)
DuckDuckCoin (DUCK)
Litebar (LTB)
Mintcoin (MINT)
Quark (QRK)
Chaincoin (CHC)
Earthcoin (EAC)
Litecoin (LTC)
MoonCoin (MOON)
Rapidcoin (RPD)
ReddCoin (RDD)
RonPaulCoin (RPC)
Takcoin (TAK)
Terracoin (TRC)
Tigercoin (TGC)
Coino (CON)
ECCoin (ECC)
LottoCoin (LOT)
Muniti (MUN)
Ultracoin (UTC)

Bitcoin was created in 2009 after that there are thousands of cryptocurrencies have been created. All these thousands of cryptocurrencies are called Altcoins are known as the alternative of Bitcoin.

Cryptocoin


Why cryptocurrency has become so popular nowadays?

There few reasons that I describe below which make crypto currency popular
1)You don’t  need to give your name to buy cryptocoins.So people can invest their black money in cryptocoins.
2)There is no centralized controlling authority involve b/w buyer and seller during crypto currency transactions.
4)There are no rules and restrictions by the banks and governments of any country in the world for cryptocoin transactions.
3) you can easily buy illegal goods like drugs or weapons using cryptocurrency and is very difficult to find out for governments because cryptocoin is basically a secret number using which people can sell or buy anything.

What is Cryptocurrency Mining?

Cryptocurrency is not only currency but it is an alternate system where there is no centralized controlling system which regulates the whole system.Unlike in normal currency system government, central bank and other controlling authority and verification channels are involved which decides to print of new note based on a lot of factors and control the money rotation in the market and verification channels which verify and secure the money transactions. But in crypto currency, you won’t get new cryptocoins only the existing coins you can sell or buy.Only very few people will get cryptocoins through mining where they are getting some coins as rewards for complete the successful encryption of altcoin transactions. These people are using very powerful computers, GPUs or ASIC to solve the complex math puzzles to complete the cryptocoin transactions. Generally, very powerful computers, GPUs or ASIC are required for bitcoin mining and remaining altcoins can be mine using normal CPUs but it will consume a lot of electricity.So, if you are planning to mine Bitcoin or other altcoins first get details of how many cryptocoins you will get as rewards and how much electricity will be consumed for mining.If electricity consumption is very high and you are getting very fewer coins then you will be in big loss.To overcome the problem of electricity consumption some hackers and even some websites are using some tricks which are called as cryptojacking.

What is cryptojacking?

Sometimes when you use the internet at that time you have noticed about your laptop /desktop fan is running very fast or your laptop or mobile is heating very fast and your CPU utilization is very high when you check in your task manager then you might be the victim of crypto jacking.
Some hackers or websites are using your system’s (laptop/desktop/smartphone) power for cryptocurrency mining.For this, they don’t require to hack your whole system this task is done by one simple JAVA script and this script start mining in the background. So, in simple words utilization of your system’s power for crypto currency mining without your permission or knowledge is called Crypto jacking.  Nowadays some malicious websites are doing jack mining and there might be some popular websites are also doing such activities even you don’t realize it because there are thousands of user are active on their page if they consume a very little amount of power of your system you won’t realize it. Crypto Jacking is right or wrong is different topic to discuss because if some site providing an option to the people either watch adds or allow us to use your system’s power for mining.If any site providing such options to their users then it’s ok otherwise without your permission or knowledge if they are doing jack mining then its wrong.
Some mobile apps are also available in the market which rewards some points that you can redeem as money in your PayPal account if you allow them to mine in the background of your smartphones. Cash Miner of ayeT studio is such type of app available in play store.


Cryptocurrency is legal or illegal?

It is difficult to say it is illegal because in most of the country you can buy cryptocoins but when you want to buy something using this currency then It depends on the country, some county have banned, some have allowed buying goods and services using cryptocoins. But the overall conclusion is that any country or bank have not considered as currency because It is not created by any government or bank or any international agency.


How to use cryptocurrency?

You can trade cryptocoins buy it when its value goes down and sell it when its value comes up. There are so many cryptocurrency exchanges are available where you can buy or sell it.You can sell and buy items and services from companies which consider Altcoin as currency.In cryptocurrency exchange, you can exchange one cryptocoin with other cryptocoin or with other legal currency it depends on services provided by the exchange.

So, I have provided some brief information about cryptocurrency and altcoins.If you have any question or any suggestions you can comment in the comment box.
  
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Mahefooz Khan is the owner of MKVidz360 website and Youtube channel also.He is a blogger and Youtuber from India.He writes the article on technology and other helpful information for peoples.

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