Would you like to inspect the original subtitles? These are the user uploaded subtitles that are being translated: 1 00:00:04,160 --> 00:00:05,870 What is cryptocurrency 2 00:00:09,190 --> 00:00:15,480 it is a digital currency in which encryption techniques are used. 3 00:00:15,500 --> 00:00:24,230 to Regulate the generation of units of currency and verify the transfer of funds operating independently 4 00:00:24,530 --> 00:00:26,680 without a central bank. 5 00:00:26,680 --> 00:00:34,130 What this basically means is your current currency is issued by the central bank and it's like Managed 6 00:00:34,250 --> 00:00:37,000 by a network of banks. 7 00:00:37,010 --> 00:00:40,010 Therefore they're verifying it on each and every level. 8 00:00:40,410 --> 00:00:49,010 And therefore you need to pay taxes and all that stuff. Whereas cryptocurrency is not managed or operated by 9 00:00:49,010 --> 00:00:52,980 a central bank and it is highly encrypted. 10 00:00:53,270 --> 00:00:58,880 So no one can just hack and see the data if you own X Y Z fund or not. 11 00:00:58,910 --> 00:01:07,590 So it's really safe. Bitcoin was the first cryptocurrency developed in 2009. 12 00:01:08,200 --> 00:01:18,550 Since then many new Currencies are formed and are known as alt-coin. Crypto currencies are all based 13 00:01:18,550 --> 00:01:27,460 on de-centralized network which means they are not operated by one known entity or one known company. 14 00:01:27,630 --> 00:01:29,260 They are de-centralized. 15 00:01:29,260 --> 00:01:32,440 They're available on many network of computers. 16 00:01:32,440 --> 00:01:44,020 Therefore it's really hard to get data or to hacking into. In centralized banking and economic 17 00:01:44,020 --> 00:01:47,300 system such as the Federal Reserve system. 18 00:01:47,710 --> 00:01:53,500 Government control the supply. 19 00:01:53,770 --> 00:01:59,420 That's where you see that Governments hold the power through interest rate etc. 20 00:01:59,530 --> 00:02:03,810 They can issue more paper money and all that stuff. 21 00:02:03,850 --> 00:02:11,980 If a country's good its currency rises otherewise it's currency falls and thats what we are seeing around the world. 22 00:02:11,980 --> 00:02:18,610 Example when its currency is going down down down because they're printing more and more money each 23 00:02:18,610 --> 00:02:19,360 and every day. 24 00:02:19,510 --> 00:02:25,850 So you are in a fix because the government knows how much money you have and can tax you. 25 00:02:26,020 --> 00:02:34,290 And on the flip side they can print more money which decreases the value of your money in your bank. 26 00:02:34,300 --> 00:02:38,190 This is what a centralized banking or economic system is. 27 00:02:38,470 --> 00:02:45,680 Whereas in the case of decentralized group currency companies can not produce new units. 28 00:02:45,820 --> 00:02:50,810 Therefore it's not under any government control. 29 00:02:50,890 --> 00:02:55,050 This is what is cryptocurrency. 30 00:02:55,160 --> 00:02:55,590 Thank you. 3039