A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. Essentially, cryptocurrencies are limited entries in a database that no one can change unless specific conditions are fulfilled. (Learn more at : https://goo.gl/Xu343h)
Some of the most famous cryptocurrencies are : Bitcoin, Litecoin, NEO, Ethereum, Zcash and …
How does it work?
Cryptocurrency transactions work based on a technology named Blockchain. Blockchain technology will most likely be the biggest revolution that the financial world has known since its inception. Many Several experts even believe it will become to finance what internet became to communications.
How Does Blockchain Work?
In the language of cryptocurrency, a block is a record of new transactions (that could mean the location of cryptocurrency, or medical data, or even voting records). Once each block is completed it’s added to the chain, creating a chain of blocks: a blockchain. Because cryptocurrencies are encrypted, processing any transactions means solving complicated math problems (and these problems become more difficult over time as the blockchain grows).
People who solve these equations are rewarded with cryptocurrency in a process called “mining.” If you own any cryptocurrency, what you really have is the private key (basically just a long password) to its address on the blockchain. With this key you can withdraw currency to spend, but if you lose the key there’s no way to get your money back. Each account also has a public key, which lets other people send cryptocurrency to your account. Information on the blockchain is also publicly available. It’s decentralized, meaning it doesn’t rely on a single computer or server to function. So any transactions are instantly visible to everyone. That brings us to our first metaphor: the public ledger. If you send Bitcoin (or some other cryptocurrency) to a friend, or sell it, that information is publicly available on the blockchain.
Other people may not know your identity, but they know exactly how much value has been transferred from one person to another. Many people see blockchain as an alternative to traditional banking. Instead of needing a bank or some other institution to verify the transfer of money, you can use blockchain and eliminate the middle man. (Learn more at : https://goo.gl/A8BjaL)
· What is Bitcoin? It's a decentralized digital currency
· Why Use Bitcoin? It's fast, cheap to use, and secure
· How Can I Buy Bitcoin? From an exchange or an individual
· What Can You Buy with Bitcoin? Almost everything that you can buy with conventional currency
· How to Store Your Bitcoin? Use a digital or paper wallet
· Is Bitcoin Legal? Regulation around digital currency is still developing
· Who is Satoshi Nakamoto? The founder of bitcoin
· How Bitcoin Mining Works? by confirming transaction in a blockchain.
· How to Set Up a Bitcoin Miner? Contact us at firstname.lastname@example.org
· What is the Difference Between Litecoin and Bitcoin? It's the silver to bitcoin's gold
· What is Ethereum? A blockchain application platform and 'world computer'
· What is Ether? The 'fuel' of the Ethereum network
Otoric can help you participate and benefit from this technology by becoming a pioneer in a most promising field.
By having access to some of the best vendors and well-known brands in hardware and also utilizing our experienced certified technicians, we are confident that we could built the best, and offer you custom and accessible solutions no matter your investor profile.
Our customers have the advantage of using some of the best GPU based Mining Rigs available in the market along with our constant remote monitoring services in order to maximize the highest ROI (Return On Investment).