What are Cryptocurrencies really?

Cryptocurrencies are some database entries that cannot be changed by anyone without accomplishing certain specific conditions. Yes, this is the most simple term that can be used to explain cryptocurrency.

Let us apply this very definition to your normal tangible currency that you use in your daily life. The money in your bank account displays entries from the bank’s database. The entries change only under certain conditions. The money in your account does not increase or decrease randomly. Money is all about verified entries resting somewhere in databases of accounts, transactions and balances.

The Revolution Of Cryptocurrency

Cryptocurrencies are the mere entries of token stored in the decentralized databases that keep consensus of all balance and account records. The word CRYPTOcurrency is used because cryptography process is used to keep the consensus records safe and secure. These currencies are secured by math and logic rather than trust and people.

Let us look at the characteristics of cryptocurrencies which in most circumstances are common to all.

Irreversible

A transaction, once confirmed CANNOT be reversed. No matter how much powerful a person or entity is, nobody can reverse any transaction after the confirmation, not even Satoshi. Money sent by you, intentionally or by mistake is simply sent. You cannot do anything else about it.

Intangible

No real-world entities are associated with any account. Cryptocurrency such as Bitcoins is transferred between addresses made from blockchains. You can analyse the flow of transactions but no user’s real-world entity is connected with their addresses.

Instant and Global

Cryptocurrency enables instant transactions in the network and can be confirmed in the following few minutes. The network is global, so the transaction can be to someone sitting next to me or some relative who have moved to abroad.

Secure

As mentioned earlier, cryptocurrency uses cryptography process. Because of this process, the funds are locked using the public key. Private key owners can send cryptocurrency. Thus, it is impossible to break the schema due to strong cryptographic mechanisms.

No Permission Required

Cryptocurrency does not require any permissions from some authority. Users simply need to download a software which is generally free. There is no gatekeeper which means you are responsible for all the transactions that you make. Send and receive Bitcoins or any other cryptocurrency using the software only.

Supply Management

The supply of tokens in any cryptocurrency is limited. The supply of Bitcoins will exhaust somewhere in 2140. An algorithm written in the cryptocurrency controls the supply of token. This implies that we can calculate the total monetary supply that will be available in future in the present day.

No Debts

There is no representation of debts in cryptocurrencies. All you see is the currency numbers as entries.

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