Cryptocurrency Meaning In Tamil

Cryptocurrency Meaning In Tamil – Cryptocurrency means in Tamil: Cryptocurrency is a digital or virtual currency used worldwide. These coins are protected by cryptography. Usually when we buy goods or services we pay in our bank notes. Likewise, a product or service can be purchased with cryptocurrency. But they are coins in invisible digital form.

A country’s currency is valid only in that country. But cryptocurrencies are globally tradable. The currency of each country is controlled by that country’s reserve bank. But no bank or country can control cryptocurrencies. You need an internet connection to make cryptocurrency transactions. Well, what is cryptocurrency? You can see all the details like its meaning (Cryptocurrency Meaning in Tamil).

Cryptocurrency Meaning In Tamil

Cryptocurrency Meaning in Tamil: There are more than 12,000 cryptocurrencies and the growth rate is really amazing. The number of cryptocurrencies has doubled from 2021 to 2022. By the end of 2021, the market is adding about 1,000 new cryptocurrencies every month.

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Tamil is one of the most famous and oldest Dravidian languages ​​spoken by people in Tamil Nadu and the 5th most spoken language in India. Tamil is the official language of Sri Lanka and Singapore. Tamil is the oldest classical language and has inscriptions dating back to 200 BC. and it plays an important role as a language in the world today. A large number of Tamil-speaking people in different countries are covered with topics such as the birth and development of the language, the origin of the alphabet, terms, sound differences and important characters, the symbols of the Tamil calendar, the Tamil number, period. , land and cultural tax and money. Because of this definition, Tamil website provides countless Tamil data here. After the Supreme Court ruling striking down the RBI ban, more people in India are interested in cryptocurrencies. interviewed Arjun Vijay, COO of crypto exchange Giottus, on the basics of cryptocurrencies in Tamil, focusing on the largest cryptocurrency – bitcoin. We discuss what bitcoin is, how it works, how to buy bitcoin in India, the latest Supreme Court ruling and whether cryptocurrencies are legal in India. Vijay has given all cryptocurrency questions answers in Tamil and English.

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Giottus: It is very difficult to limit Bitcoin to a single line definition. We cannot compare it to any item/idea that we already know. Imagine someone having to explain the internet now. A common definition would be “a global computer network that provides a variety of information and communication facilities, consisting of networks that are interconnected using standardized communication protocols.”

From a public perspective, this definition will not serve a purpose in explaining the concept of the Internet. But having said that, everyone can have their information about the internet on demand based on the use cases of the internet. For some it may be a way to send email or bank with a mobile phone and for some others it may be a request to chat on Whatsapp or watch movies on an OTT platform. So while people may not have an exact knowledge of how the technology known as the internet works, many have developed an understanding from the use cases that work.

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You can buy, sell and save as dollars and rupees with Bitcoin. It has no central authority. It has no form like the money we use in our daily life. In contrast, a computer is software that runs on the Internet. But limiting Bitcoin to this narrow definition would be a big mistake. Bitcoin is a unique concept that cannot be compared to any other thing/idea that we already know.

Now imagine if someone had to define the internet. The usual definition is “a global computer network providing various types of information and communication facilities that are interconnected using standardized communication protocols”.

But this meaning is not understood by everyone. This description does not serve the purpose of explaining the concept of the Internet. But each audience has its own definition of the Internet. It depends on web use cases. For some it is a way to send emails, for others to use a bank account on a mobile phone and for others it is a platform to chat on WhatsApp or watch videos in the app.

So while people have no real knowledge of how the technology known as the Internet works, many have an understanding of its usefulness.

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Bitcoin “cannot be compared to any thing/concept that we already know. Imagine someone who has to explain the internet now.”

Giottus (continued): So instead of dwelling too much on technical details, here is a list of features and some key use cases for accepting Bitcoin.

Giottus: When Alice needs to transfer bitcoin to another person, say Bob, she puts the amount, the recipient’s address (Bob’s address) and verifies his signature. It also adds a minimum transaction fee that you can determine yourself based on the importance of the transaction. All such transactions are verified if they follow protocol rules, if the sender (Alice) has enough balance, etc., and unconfirmed transactions are placed in the mempool.

Another machine called a miner collects a batch of transactions from the mempool, trying to solve a mathematical problem to create a useful block. It connects the created block to the existing chain. To solve the mathematical problem, the miner receives a reward (Currently 12.5 bitcoins) and all transaction fees for all transactions in the level. Since this reward is worth approximately 90 lakhs, miners across the world compete against each other using specially designed equipment to solve the mathematical problem first.

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Bitcoin codes are designed in such a way that, no matter how many miners are involved, no matter how much computing power is used, on average the problem will take 10 minutes to solve. The difficulty level of a mathematical problem is designed accordingly. So new blocks are created on average every ten minutes with approved transactions. If Alice’s transaction is in the blockchain, Bob’s account is calculated with bitcoins.

Currently, a centralized party, acting as a trusted third party, verifies all transactions in the [most] payment network. In Bitcoin, the trusted third party is replaced by distributed entities called nodes and miners. The best part is that Bitcoin is an open network. Anyone who wants to become part of the network can do so by providing computing resources to run the network. Whenever they manage to find a block, they are paid for their efforts.

Suppose Karthik wants to send Bitcoin to another person (Murugan). He sent the money to others with the amount he sent, the big man’s account address (Murugan’s city address) and his signature. It also adds a small transaction fee that is determined based on the priority of the transaction. All such transactions are ensured for compliance with the rules of conduct. That is, the sender (Karthik) has enough balance, the recipient’s address is checked if it is in the correct format, and if everything is correct, it is sent to Membulir. All valid but unconfirmed transactions are stored in the mempool.

Just as gold is mined by miners (miners), the Bitcoin system needs miners. Miners use their computer’s processing power to take a set of unconfirmed transactions from the memory pool and try to solve a mathematical problem to create the correct block. A miner who can solve the problem first merges the created block into the existing Bitcoin blockchain. These blocks are connected behind each other like a chain, so we call it blockchain. To solve the mathematical problem, the miner is given a reward (currently 12.5 bitcoins) and a transaction fee for all transactions in the block. With this reward worth around 90 lakhs, miners around the world compete against each other using a specially designed tool to solve the mathematical problem. The way Bitcoin code is designed is that regardless of the number of miners involved and the amount of computing power used, it takes about 10 minutes to solve a problem. The difficulty of mathematical problems is designed based on the computing power available to the network. So new blocks are created on average every ten minutes to confirm approved transactions. If Karthik’s business is added to the blockchain, Murugan’s account will be credited with bitcoins. You can use the Bitcoin you have received according to your needs.

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Currently, transactions in rupees and dollars are handled by some banks and countries such as Visa/Mastercard. Your business will be safe only if these companies take care of you. Bitcoin does not have this problem. It has no capital or central authority. Bitcoin is an open network. Anyone can participate. Anyone with computing power can become a miner. Whenever they manage to find a block, they receive a reward for their efforts.

Giottus: Bitcoin is supposed to eliminate the excessive dependence on financial institutions to facilitate the exchange of money. Bitcoin gives the user control and allows secure, irreversible transactions through the use of blockchains. Bitcoin decentralizes the financial system, which is currently controlled by large monopolies. Transaction fees are determined by the user and the system is safe from the inflationary characteristics of fiat currencies by having a maximum supply cap. It has been the best performing asset of the decade.

As a reserve currency, bitcoin can be neutral and fair to all participating countries, unlike the dollar which favors the United States. You make money by collecting manuscripts. Payments can be made automatically if certain conditions are met. It is reliable and therefore you do not need a trusted third party. This means there is no single point of failure. Predetermined inflation rates guarantee stability unlike fiat currencies whose supply depends on central bank monetary policy.

It was also created to eliminate over-reliance on financial institutions. Bitcoin keeps inflation in check and allows secure, fraud-proof transactions through the use of blockchains. Bitcoin decentralizes the financial system, which is currently controlled by large monopolistic companies. Transaction fees are determined by the user and protect the user from fiat currency inflation. It has been the most profitable investment in the last 10 years. As a reserve currency, unlike the dollar, Bitcoin is neutral and fair to all participating countries. The dollar gives more rights to the United States alone. It allows scripts to make the currency perform arbitrary actions when conditions are met.

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It is therefore reliable