Quoting from the site Coinmarketcap.com, there are now 904 types of crypto currency and the most famous is Bitcoin.
Bitcoin also managed to hoist the price of other crypto currency. Cryptocurrency is a digital currency in which transactions can be done in the network (online).Digital currencies are usually decentralized. That is, generally much safer than the centralized one.
Cryptocurrency is the first to come and achieve success is Bitcoin, which was discovered by Satoshi Nakamoto. The success of Bitcoin is the initiator of the emergence of new types of cryptocurrency that try to compete with Bitcoin.
How does Cryptocurrency work? Satoshi Nakamoto has managed to find a revolutionary system that is a system that serves to facilitate decentralized digital money transactions.
A decentralized money system is a network capable of connecting users without the need for intermediaries or third parties or central authorities such as banking or government. Only with Android-based smartphones or laptop connected to the internet, you can send and receive money from anywhere and anywhere in the world.
Interestingly again, it can be done anytime and anywhere. The problem we are facing in a centralized system is related to the need for more expenses to pay services to third parties as intermediaries. In addition, the role of third parties now played by banks or governments must consist of a set of rules and certain restrictions, so it can be said to be far from efficiency and effectiveness.The problem is what is tried to be solved by the technology that is now introduced by the name of Blockchain.
The function of blockchain technology is to manage and maintain each addition of data stored on each block. The blocks that store the data will relate to each other and form a decentralized network or peer to peer Networks (P2P).
In blockchain, any data that has been stored or recorded can not be edited or falsified.Simply put, this system allows you to send gold via email. P2P network is a network of agreements, therefore the system is able to present a completely new and efficient payment system and transaction process in the form of digital money.
everyone can do cryptocurrency mining or mine the digital currency. Those who do this are referred to as miners or miners. Miners are needed because naturally in this decentralized network system does not have central authority to do the division of tasks.In addition, cryptocurrency requires a system to prevent any form of cheating or misuse of the network.Miner's difficulty level will increase in line with the increasing need of electric power owned by the miners.