Crypto Currencies – What you need to know?
Crypto currency is a digital currency that is created by “mining” Cryptos. Mining is a process where some people verify transactions and perform the role of auditors. After that, they need to solve a problem to get paid. Only when they do both correctly, they can get paid. For mining cryptos, they need oodles of computing power.
Cryptos uses cryptography during its creation and for verifying transactions that are taking place. It uses blockchain technology and functions on the basis of distributed ledgers that this technology facilitates. Till now, Cryptos have all been outside government purview. It is entirely controlled by third parties.