Cryptocurrency is somewhat similar to the methods used by online banking. However, the end user’s personal data are disclosed with online banking system. In contrast, in cryptocurrency all transactions data (amount and time) are shared in the network without revealing the information of the sender or the receiver.
To do this, it leverages the blockchain. The blockchain is the beating heart of Bitcoin, the world's most popular cryptocurrency. But Billionex developers believe it can leverage so much more.
Some prognosticators claim the technology will transform not only financial transactions but also any transaction involving a contract. Billionex developers consider their project a critical component in next-generation E coomerce dealings, encrypted messaging, automated transactions—and, yes, social networking.
A cryptocurrency is a decentralised payment system, which basically lets people send currency to each other over the web without the need for a trusted third party such as a bank or financial institution. The transactions are cheap, and in many cases, they're free. And also, the payments are pseudo anonymous as well.
A cryptocurrency is a medium of exchange such as the US dollar. Bitcoin, the first cryptocurrency, appeared in January 2009 and was the creation of a computer programmer using the pseudonym Satoshi Nakamoto. Cryptocurrency is said to be one of the greatest technological breakthroughs since the advent of Internet. And rightly so!
The main feature of a cryptocurrency network like Bitcoin is that it's totally decentralised, which means that there's no single central point of authority or anything like that. This implies that everyone is having a full copy of all the transactions that has ever happened with Bitcoin. This creates an incredibly resilient network, which means that no one can change or reverse or police any of the transactions. The term cryptocurrency is used because the technology is based on public-key cryptography, meaning that the communication is secure from third parties. This is a well-known technology used in both payments and communication systems.
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