What is CryptoCurrency?

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CRYPTOCURRENCY EXPLAINED

To make it simple, cryptocurrency is a digital version of money where the transactions are done online. A cryptocurrency is a medium of exchange just like your normal everyday currency such as the USD, but designed for the purpose of exchanging digital information through a process known as cryptography.

The first ever-successful cryptocurrency emerged from the invention of Bitcoin, by Satoshi Nakamoto.

This was then followed by the birth of other types of crytocurrencies competing against Bitcoin.

A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies are a kind of alternative currency and digital currency (of which virtual currency is a subset). Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems.

The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database. – Wikipedia

BASIC CHARACTERISTICS

Every cryptocurrency is a little different, but most of them share these basic characteristics. They are:

IRREVERSIBLE

After you send a cryptocurrency and the network has confirmed it, you can’t retrieve it. Cryptocurrencies are one way, no chargebacks.

ANONYMOUS

They’re anonymous. Anyone can open a wallet, no ID required, and have varying stages of anonymity depending on which token you utilize.

FAST & GLOBALLY ACCESSIBLE

They’re fast and globally accessible. Entries are broadcast across the network immediately and are confirmed in a couple of minutes.

BUILT TO BE SECURE

They’re built to be very secure. Cryptocurrencies use the latest cryptographic techniques, but they’re in early development.

CONTROLLED SUPPLY

They have a controlled supply limited by the network.

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