Cryptocurrency is the new reality of payment systems, which has been on the market since 2009, but has really attracted the attention of everyone from heads of state to giant investment companies for the last 5 years. The crypto money system, which has yet to reach a niche audience even in the technology community, is still a big mystery for end users. In this article, we wanted to introduce cryptocurrencies, which have not yet clearly penetrated our lives for many of us, but that we predict will be much more in the near future.
In order to understand the concept of crypto money, first of all, it is necessary to know what “crypto / cryptology” is. Cryptology is the science of encryption in its simplest form; In other words, it can also be expressed as all of the techniques used to transform a readable information into an unreadable by undesirable parties.
With cryptocurrencies, individuals or institutions can spend or accept money just as they would with real money. In fact, we have been familiar with this system for years because we use it for our bank cards, virtual cards or every transaction we make in the virtual environment. For example, when we spend with our virtual card, we spend virtual money without physically leaving the bank’s safe.
Unlike real money, crypto money is not a hand-held value carried in a leather wallet. No state or private institution has a say in the production of these coins, which have developed with a decentralized system, and they are not affected by the economic situation of any country. To put it briefly, cryptocurrencies are organic structures and are produced by individual users, without any government support or central authority, and gain a certain value. This allows the currency to be referred to as more secure.
Bitcoin is subject to a number of established virtual protocols. Every transaction you make within these protocols is recorded and encrypted. Bitcoin is designed as an algorithm that can easily solve any confusion that may occur by using technology well. It is absolutely impossible to spend a bitcoin twice. The moment you make a transaction with your virtual currency, it is checked down to the last detail, thanks to advanced algorithms, whether the money has been sent to someone before. Once it is certain that the money will be used, you will be able to take action. This system is a system that is focused on self-protection as well as protecting its people to the end. In this way, it is definitely not possible to create and sell bitcoins individually. The biggest advantage of using Bitcoin is inflation. Bitcoin production is limited. For this reason, it would not be wrong to say that the risk is quite low.