What Is CryptoCurrency & How To Use It?

As we know that in order to exchange goods, whether it is physical or virtual, we need some entity that holds a certain value to mobilize the trade. This entity that holds value is known as currency.

With the advancement of technology, nowadays most of the trade and exchange occurs digitally, which has eventually led to the increase in demand for digital currencies or cryptocurrencies.

Cryptocurrencies are the currencies that exist digitally and work through computer networks that are independent of any centralized authority. This makes the functioning of crypto-currencies decentralized. Transactions done using crypto-currencies are stored in computerized databases (or digital ledgers) protected by strong cryptography.

History of Cryptocurrency

In 1983, an American cryptographer introduced the concept of electronic money or e-cash which was later on implemented by him Digicash. Later on, many forms of “electronic distributed money” were introduced in the digital market like bit-gold by Nick Szabo, b-money by Wei Dai, etc. Finally, in 2009 first decentralized cryptocurrency ‘Bitcoin’ was introduced by Satoshi Nakamoto.

How do cryptocurrencies work?

Cryptocurrencies work through the individual chunks of data called blocks that are digitally linked by other blocks to form a blockchain. Due to its decentralized nature, it can be accessible by multiple users; however, it can be edited only by the end as it involves peer-to-peer encrypted transactions. Other than that, transactions made by crypto-currencies can also be made safely fungible by using NFTs, Smart Contracts Mirror Protocols, etc.

How to Use Cryptocurrency?

• Decide the type of crypto you are looking for: Do some research first to make sure which crypto to buy. As there are many types of cryptocurrencies available out there, it depends to a large extent on what you want to do with them.
• Choosing a cryptocurrency exchange: Different types of cryptocurrencies exchange platform offers different types of cryptocurrencies. You can try the TRONSPACE app from Kointrack — a simple, secure, and easy-to-use crypto exchange platform that offers the cryptocurrency you want for the lowest fees possible.
• Creating a trading account: verify your identity by creating an account on the trading app you have chosen and fill in the asked basic information about yourself.
• Start trading: You can start trading by placing an order for the crypto you want. The cryptocurrency you get from your money depends on the value of that cryptocurrency. In the trading account, you must add a payment method to purchase any cryptocurrency.
• Buy goods and services from the merchants: You can buy anything from your crypto wallet if your crypto exchange platform supports the transactions. TRONSPACE does! You can purchase any item with the app by scanning the QR code or UPI transactions.

Final Thoughts

In other words, with the widespread demand for digital transactions, cryptocurrencies have become the needs of the millennial generation. So, in order to catch up with the transformed digitized world, one must learn, unlearn and constantly seek knowledge and accept the evolutions happening day by day hence, Digital Transactions, Digital currencies, or Crypto are part and parcel of this generation as well.