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crypto currency is here to stay

there are a plethora of sub fields in computer science like big data, computer vision and many more. one emerging field is crypto currency which is essentially a digital currency. it is used to do secure financial transactions online. the are many crypto currencies in the market like bitcoin and ethereum. ethereum is an open source block-chain operating system. david chaum in 1983 made the first electronic money and named it ecash. it uses cryptography eventually which creates a secure hash or using some other algorithm which keeps the information about the transaction secure. a ledger technology is used in the process of cryptography the ledge essentially keeps track to the transaction details and every other database monitors the transaction and updates the balance so that the data is transparent and consistent. when you go to local store and want to purchase an item you give your credit card to the cashier and apparently h checks it in a machine to verify that the required balance exists or not in the bank. after the verification phase the transaction takes place and the general sales tax is deducted on the total amount eventually it is 16% gst for most of the countries. in case of crypto the sales tax is not deducted. this implies that people will spend more in crypto because to want to decentralize the control and take it from banks and in their own hands. there is a open public database used and information of transactions in stored in it. this makes the database independent from any bank or third party shareholder.

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