cryptocurrency cryptocurrency is a something that everyone wants to talk about it I am Hafeez Khan and this is cryptocurrency explained his men world currencies in the caveman how to use the barter system system involves goods and services being exchanged among each other so now we have a situation where a caveman 16 x 7 apples and getting oranges in the term is used because it has some glaring floors for these flaws include having people requirements go inside for example say you are 5 apples and your friend has fired by you want some of his oranges now until and unless your friend has a requirement for the apples that you own will not be ready to make in exchange for it there is no common measure of value is no common measure in terms of which value of a commodity can be expressed as a problem when you have to decide how many apples your edited for one orange or a mango not all class can be divided to subdivide for example you can divide a live animal in two different smaller units the goods cannot be transported easily and currency fits in your wallet for your mobile phone the good that you want can I take it with you everywhere you go after realising that the barter system then worked very well currency of UAE thracians in hundred and ten BC in official currency was built in 2002 58 gold plated Florence was introduced and this was used across Europe and from 1680 to 1980 paper currency gained widespread popularity and 20 used across the world this is how modern culture as we know it came into existence modern currency included paper currency and coins credit cards and digital wallets for example of Apple pay Amazon pay to PayTM Paypal and so on all of this was controlled by banks and governments.
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now this means it was a centralised regulatory authority The Limited how paper currency and Imagine the scenario 2 in online transaction Kariyo thank you friend for paying for your lunch teaching that you sending the money to the account not this transaction takes place successfully but there are several ways with good gone wrong they could have a technical issue of the bank for example the system should have been down the Machines and working properly as want that means there is a central point of failure which is the back to the user’s account got hacked example they could be ready dost identity theft and no one for the transfer limit for that account were exceeded this is why the future of currency lies with cryptocurrency in the transaction between two people in the future that has the best place in notification asking whether they sure they’re ready to transfer Bitcoin if yes processing takes place here Hue authenticating users identity checking whether they have the required balance to make that I’d and other things after that’s done payments transferred and the payment is received all of this happens in the matter of minutes and is as simple as that this in turn to remove all the problems of modern banking Technology was to the funds transfer account cannot be hacked and there’s no Central point of failure of 2018 is more than 1600 available there are some popular ones like Bitcoin litecoin experiments that cash and used to currency crops up every single day considering how much grow their having at the moment is a good chance is plenty more to come in the upcoming year so what exactly is cryptocurrency cryptocurrency is a digital or virtual currency that is meant to be a medium of exchange currency is quite similar to Real world currency just that it does not have any physical embodiment it also uses to problem know some of the features of cryptocurrency other there is a limit to how many years can exist with Bitcoin This ensures that the very easy can be added to the only way you Bitcoins can be generated what makes cryptocurrency so if you know that if you transfer money from wallet money to bank 3 a.m.
in the morning test freedom for anyone to use grammarly for setting up an account in your bank you need to do some amount of paperwork and documentation with cryptocurrencies all that can be awarded International transaction the wire transfers take about half a day to transfer money from one place to another but with cryptocurrency is it only takes a matter of minutes seconds what’s the Crypto in cryptocurrency problem with the method using encryption decryption to secure communication in the presence of third parties with the intent of this refers to third parties who want to see your data over to a stop on your conversation to talk refuses computational algorithms like sha2 56 which is the hashing algorithm that a public key which is lyca digital identity of the user with he shares with everyone and private key talk about a normal Bitcoin transaction first of the transaction details this detail we want to send it to and how much because he wants and then is passed through hashing algorithm for Bitcoin be used as a 256 the output that you obtain is passed through a signature algorithm produces private key of this is used to uniquely this output is then distributed across the network for people to verify this is done by using the standard public key the people who verify the transaction to check whether it is valid or not a known as – no after this is done through interaction and several others are added to the blockchain when it cannot be changed to get the concept of hashing seem a little difficult u i will suggest you click on the top right corner and watch the proxy and explain video so that it can understand better the shato has something like this complicated it looks and it’s safe to say that the encryption is very difficult to hack today will be focusing on two major cryptocurrency Bitcoin and Ether the Bitcoin is a digital try that is decentralized and works on the blockchain technology it uses a peer-to-peer network to perform transactions let’s talk about Ether is a currency that’s accepted in the ethereum network network uses blockchain technology to create an open source platform app building and deploying decentralized applications now let’s talk about the similarities between Bitcoin in it with the biggest and most valuable cryptocurrencies in the market right now for the use bind with nothing but a technology that involve transactions been added to a container call block in creative blocks in which data cannot be altered currency he is mind using a method call proof of work it is a form of mathematics was that need to be solved for a block can be added to the production finally this of widely used in world
Now let’s talk about the differences with Bitcoin it is used to send money to someone is very similar to how they left currency works with Ether is used as a currency within the network although it can you like transactions well Bitcoin transactions or manual which means you have to pay slip perform these transactions with either you have the option to make these transactions manual automatic which means that these transactions will take place when a certain conditions being met for Bitcoin it takes 10 minutes to perform a transaction which is the amount of time it takes for a block to be added to the blockchain with either it takes about 20 seconds to do a transaction no blockchain is used like money for your transactions and Ether is used to power the ethereum network and power really well feature is used as fuel within the network to power both of these things are there is a limit to how many Bitcoins can exist which is 21 million we suppose it is number per the year 2140 is expected to be around but not to exceed hundred million units of Bitcoin is used for transactions involving goods and services and Ether uses blockchain technology to create a ledger to Trigger a transaction when a certain condition is met and can be used in algorithm called Acetate 256 for action and with ethereum we use Itihaas as of July 23rd 2018 1 Bitcoin = 7668 dollars for each share it cost $464 the Future the whole world is clearly divided when it comes to cryptocurrencies on one side have supporters like Bill Gates and Richard Branson who said that cryptocurrency is a better than regular currencies other people completely against people like Warren Buffet Paul krugman and Richard chiller for both Nobel Prize winners in the field of Economics they call it a ponzi scheme and means for criminal activities in the future there is going to be a conflict between Regulation and anonymity said several cryptocurrencies have been linked with there is a tax government should want to regulate how cryptocurrency works on the other hand main Emphasis of cryptocurrencies is ensure that their uses a captain ornamas by the year 2030 cryptocurrencies would occupy 25% of national currencies which means a significant chunk of the word start believing that you can see as a mode of transaction is going to be increasingly accepted by merchants in customers and continue to have a volatile nature which means this is will continue to fluctuate like they have been for the last few years that we have reached the end of another video I hope you guys found this informative.