what is cryptocurrency?

The simplest explanation is that cryptocurrencies are a form of digital money that allows you to make purchases online. Unlike regular currencies, they only live online and aren’t backed or controlled by banks and governments.

Satoshi Nakamoto, the unknown inventor of Bitcoin, was trying to invent something many people failed to create before digital cash. Satoshi‘s found a way to build a decentralized digital cash system. A digital cash system without a central entity.Like a Peer-to-Peer network for file sharing.

How does it work?

The transaction is known almost immediately by the whole network. But only after a specific amount of time it gets confirmed. Confirmation is a critical concept in cryptocurrencies. As long as a transaction is unconfirmed, it is pending and can be forged. When a transaction is confirmed, it is set in stone. It is no longer forgeable, it can‘t be reversed. Each transaction is recorded in what is called a blockchain that is publicly available to all currency holders.

What is mining?

Cryptocurrencies are generated through mining. Mining is done by computers that try to solve a complex math puzzle known as a hash.

People all across the globe compete to be the first to solve the hash, with the winner getting a certain amount of the cryptocurrency that’s being mined. The process requires specialized hardware that works around the clock. The easiest way is to get cryptocurrencies is to buy them using your local currency on online marketplaces, where you can also sell them to other users.

Advantages of cryptocurrencies:

Easy and Fast Payment Secure Low or No Fees Private No Fraud

Disadvantages of cryptocurrencies:

Irreversible Payment Not Widely Accepted Losing Your Wallet

The Most Important Cryptocurrencies:

1) Bitcoin (BTC) 2) Litecoin (LTC) 3)Ethereum (ETH) 4)Zcash (ZEC) 5) Dash 6) ‎Ripple (XRP) 7) ‎Monero (XMR) 8) ‎Lakshmicoin(India's first cryptocurrency)

Laxmicoin® is India's 1st cryptocurrency. It will launch on 1st March 2018.

Scam on the name of Laxmicoin or Lakshmicoin?

Yes, there are some people doing scams in the name of Laxmicoin. Detected scams are laxmicoin.trade & laxmicoin.ltd & laxmibitcoin.co.