What Is Cryptocurrency? Is it safe?

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Cryptocurrency is a digital payment system that doesn't connect to any banks to verify transactions. A peer-to-peer system (the "peers" are computer systems that are connected to each other via the Internet), that can enable anyone anywhere to send and receive payments. Instead of being physical money that is carried around and exchanged in the real world, cryptocurrency payments exist purely as digital entries to an online database that describe specific transactions. You store your cryptocurrency in a digital wallet. When you transfer cryptocurrency funds, the transactions are recorded in a public ledger. Advanced coding is involved in storing and transmitting cryptocurrency data between wallets and public ledgers. The aim of encryption is to provide security and safety.

Cryptocurrencies are usually built using Blockchain technology. Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. It's a fairly complex, technical process, but the result is a digital ledger of cryptocurrency transactions that's hard for hackers to hack it. In addition, transactions are secured by a two-factor authentication process one by entering with your user id and password and another one is you might have to enter an authentication code that's sent via text to your account connected cell phone. While securities are in place, that doesn't mean cryptocurrencies are un-hackable.  

Technology has changed a lot, which is used for communication, shopping and even pay for goods. During this pandemic period, people prefer contactless payments like Google Pay, Apple Pay, Samsung Pay, Amazon Pay, and much more. With a single tap in our smartphone, we can make any digital transaction.

Now time for cryptocurrency which was first introduced by Bitcoin others is growing in popularity. The other important cryptocurrencies are Ethereum (ETH), Litecoin (LTC), Cardano (ADA), Polkadot (DOT), Bitcoin Cash (BCH), Stellar (XLM), Chainlink, Binance Coin (BNB).

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