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 What is Cryptocurrency? The Basics You Need to Know






Cryptocurrency, also known as digital currency, has become increasingly popular over the past few years, and it’s not hard to see why: it’s completely decentralized, meaning no single bank, country or governing body controls it. The most well-known cryptocurrency, Bitcoin, was created in 2009 by an unknown computer scientist who goes by the alias Satoshi Nakamoto.


A short history of Cryptocurrency

Cryptocurrency is a digital form of money that uses cryptography for security. It's decentralized, with no single point of failure, and not controlled by anyone or any entity. It has no physical form, but people use it to buy goods and services, trade it with other people, or save it as an investment. This type of currency was first introduced in 2009 and has since grown in popularity around the world because of its anonymity and decentralized nature.


How does it work?

Cryptocurrencies such as Bitcoin have become a popular form of currency because they are decentralized and secure. When you send Bitcoin from one person or company to another, the transaction is recorded in a public ledger called the blockchain. All transactions are confirmed by miners before being added to the blockchain in order to make sure that nobody spends money more than once. When someone sends you money using Bitcoin, your wallet creates an address for them that keeps track of all the coins they sent you. Every time a transaction takes place, it's shared with everyone on the network so that people know who has how much money.


How do I get involved?

The first thing you need to do before investing in cryptocurrency is get a wallet. This will hold your digital currency and allow you to make transactions. There are several types of wallets, but the two most popular are desktop wallets and web-based wallets. Desktop wallets store your coins on your computer and provide faster access, while web-based wallets store them online and offer greater security. Once you have a wallet, it's time to buy some crypto! There are three main types of cryptocurrencies: altcoins, cryptocoins, and tokens.


What are some popular cryptocurrencies today?

The five most popular cryptocurrencies as of July 2018 are Bitcoin, Ethereum, Bitcoin Cash, Ripple and Litecoin. These are all on the Blockchain, but they each serve different purposes. For example, Bitcoin was originally created in 2009 as a peer-to-peer system for online payments that circumvented banking systems. It allows users to trade directly with each other without the need for a trusted third party like PayPal or Visa. Ethereum (another cryptocurrency) was released in 2015 and does not have a limit on how many coins can be mined. It also has its own programming language which means it can do more than just operate as an alternate form of currency like Bitcoin does.


Should I invest in cryptocurrency right now?

It's true that buying cryptocurrency might give you a higher return than investing in the stock market, but there are some big risks too. The cryptocurrency market is unregulated, which means it's open to price manipulation and fraud. Plus, if your coins are lost or stolen then you have no one to turn to for help. In short: only invest what you can afford to lose.

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