The difference between crypto and ordinary currency is e.g. that no national banks can decide on the volume and transactions, which has also made it an attractive way to make foreign transfers as you do not pay large fees to be allowed to transfer money abroad. Another big difference is that in order to create more cryptocurrencies, they must be “Mines” by private individuals and companies (created) while traditional currency is printed by, for example, the National Bank.
The Well Known Aspects
Cryptocurrency has become incredibly known for not being controlled by politicians with demands and restrictions, which, however, have continuously begun to happen with regulations in landing each of the various cryptocurrencies. Finexro is your best option as a platform in this case.
Large trading platforms such as Goldman Sachs have also started to enter cryptocurrency and more and more investment companies are starting to relate to the development of cryptocurrency.
The technology behind e.g. Bitcoin is Blockchain technology. This technology was invented by Satoshi Nakamoto who is the creator of Bitcoin, and it has subsequently been found that blockchain technology has an even greater potential than just developing cryptocurrency with, which means that no matter what happens to the various cryptocurrencies, Blockchain remains the technology already used in larger projects.
Explanation of Blockchain technology:
Blockchain works by assembling a series of transfers in one box. The box has its own unique “fingerprint” and also shows the figure imprint from the previous box. This allows these boxes to create a chain together. So if a hacker potentially comes and tries to cheat with transfers, then these boxes’ “fingerprints” will be changed, which will mean that the chain is no longer connected as before. So if a hacker is to be successful with his scam, then he is forced to be able to change all the boxes in the chain.
In order to succeed, he must be able to hack every single box by solving a series of math puzzles for each of them throughout the Blockchain chain. This will make it virtually impossible to hack.