hat is the original infrastructure of a traditional freelancers’ platform where users transact with one another and exchange value. Freelancers and their customers will buy (in cryptocurrencies) and consume a number of services available on top of the blockchain such as authentication, security and various decentralised applications. These services are meant to verify freelancers’ profiles, certify skills, guarantee payments, enhance trust among parties, etc.
Cryptocurrency is an encrypted, decentralized digital currency transferred between peers and confirmed in a public ledger via a process known as mining.
Below, we take a simplified look at how cryptocurrencies like bitcoin work. First, let’s review the basics and essentials of cryptocurrency, and then we will do an overview of the other properties that have made cryptocurrency what it is today.
- A Year Ago,While learning python,I had created a telegram bot to automate the cryptoworkflow of daily life for learning purpose which includes following features.
- Buy/Sell pairs on binance : set a Buy price & Sell price along with PAIR,Automatically BUY’S it if the pair hit’s the buying price and SELL’s if the pair hit’s the selling price.
- Information of pair on Binance : (OPEN PRICE,CLOSE PRICE,LOW,HIGH,VOL,STATUS,ACTIVE BUY,ACTIVE SELL)
- WATCH pair on binance : set a price to get notified on telegram.
- Gather history information Against the Token/Coin price to track the recent price in terms of years/months/days/minutes/hours.
- Buy/Sell pairs on Koinex: Same as (1).
- WATCH pair on Koinex.
- ZebPay Buying/Selling Price of all pairs.
- CoinMarketCap Asset Tracker.
- Profile/Loss Calculator in INR with BTC using google-finance-api
The Cryptocurrency Basics
To understand how cryptocurrency works, you’ll need to learn a few basic concepts. Specifically:
Public Ledgers: All confirmed transactions from the start of a cryptocurrency’s creation are stored in a public ledger. The identities of the coin owners are encrypted, and the system uses other cryptographic techniques to ensure the legitimacy of record keeping. The ledger ensures that corresponding “digital wallets” can calculate an accurate spendable balance. Also, new transactions can be checked to ensure that each transaction uses only coins currently owned by the spender. Bitcoin calls this public ledger a “transaction block chain.”
Transactions: A transfer of funds between two digital wallets is called a transaction. That transaction gets submitted to a public ledger and awaits confirmation. Wallets use an encrypted electronic signature when a transaction is made. The signature is an encrypted piece of data called a cryptographic signature and it provides a mathematical proof that the transaction came from the owner of the wallet. The confirmation process takes a bit of time (ten minutes for bitcoin) while “miners” mine. Mining confirms the transactions and adds them to the public ledger.