cryptocurrency, Tunisia to Place National Currency on the Blockchain. newsbtc bitcoin news Cryptocurrency is a buzz word for many. Most people who are already part of the bitcoin or any altcoin community have a fundamental knowledge about these digital currencies (if not in-depth technical knowledge and know-how to create or manage on their own). However, this article is apt for those who are either new to cryptocurrencies or still seeking more information about it.
Cryptocurrency — Well the name says it all! These are digital tokens built over cryptographic functions. In other words, cryptocurrencies are sequence of encrypted bits transmitted and stored over a network. Just like the way we have multiple fiat currencies in the real world (eg. USD, GBP, EUR, INR, RMB etc), there are multiple cryptocurrencies as well. These digital currencies are developed using different cryptographic functions and have different values based on its creation date, number of users, extent of the network and transaction volumes. Bitcoin is the USD of cryptocurrencies, it is the gold standard or more like the reserve currency in crypto-world. There are many other cryptocurrencies like dogecoin, litecoin etc which are valued in relation to bitcoin.
Creating a cryptocurrency is not a hard task for those who have an understanding of coding. They can easily build it upon existing codes, as most of the platforms are open source and the source code is readily available for download and modification on code sharing platforms like GitHub. Developers can choose the algorithm they wish to develop upon and make use of respective source code to create a fork and develop their own altcoin. SHA-256 , CryptoNight and CryptoNote are some of the algorithms used for the development. Those who are not so familiar with coding and still want to have their own cryptocurrency can always […]
