What is CryptoCurrency?
This quick introduction article will explain what is cryptocurrency and after reading it you will know more then most people do about cryptocurrencies.
Cryptocurrencies today are spread all over the world, but it’s still somewhat “geeky” and not understood by many people. Even top-tier constitutions, banks, scientist and developers still have a very limited knowledge about cryptocurrencies.
So in this article, you will learn the following:
– What is cryptocurrency
– How cryptocurrencies are entering the marget of digital money
– Where can you use cryptocurrencies
What is cryptocurrency?
Simply put, cryptocurrency or crypto currency is basically a digital or virtual currency. It’s not like any digital currency that can be made up, cryptocurrencies are secured by cryptography to verify transactions and to control the creation of new coins in a particular cryptocurrency. Bitcoin was the first cryptocurrency to appear and today we have over 4000 crypto coins or altcoins (alternative coins).
How are cryptocurrencies emerging as a side product of digital money?
Not many people know, but cryptocurrencies basically became a side product of another invention. Satoshi Nakamoto, the “unknown” creator of Bitcoin never intended to create a Bitcoin as a currency. The most important part of Satoshi’s creation is decentralized digital cash system. There were many attempts before to create digital money, but every attempt failed so far. After he saw all the centralized attempts fail, he tried to build a system without a central authority, similar to peer to peer networks for sharing files.
Where are cryptocurrencies used?
Cryptocurrencies are all around us, and they are becoming more popular every day. Many online and offline businesses realized that and started accepting cryptocurrencies for their goods and services. Cryptocurrencies are used everywhere, they can be used to purchase goods and services, they can be used as an investment, they can be used as a payment and they are even used in trading.
So this is a quick overview of cryptocurrencies. Next time we will explain where do they come from and how you can be a part of it.