Cryptocurrency News, Prices, Information, And Guides
Cryptocurrency in an intriguing, innovative, ever-evolving technology.
What is Cryptocurrency?
It is a digital asset which can be used as an alternative to traditional currency. Crypto is a medium of exchange which uses cryptography to facilitate financial transactions. It operates in a way that does not require any central authority like a bank or the government. In fact, it is entirely decentralized. The currency alternative operates through the use of digital ledger technology, most commonly a blockchain. Crypto was introduced in different forms in the 90s. For example, cryptographer, David Chaum created ecash in 1983 and implemented it through Digicash in 1995. These early crypto introductions were all unsuccessful for various reasons. Until now. Cryptocurrency, as we know it today, emerged in its most notable form when Bitcoin was released in 2009. It was created by a developer or group of developers operating under the pseudonym Satoshi Nakamoto. With the emergence of Bitcoin came blockchain technology. Blockchain is a collection of decentralized, transparent, distributed transaction lists. It operates through the use of consensus mechanisms such as Proof of Work (PoW) mechanisms to verify transactions. A vast network of computers verifies transactions on a blockchain, each computer is called a node. Nodes must agree on a transaction’s validity before it is approved. Something that is also important to understand is the mining of cryptocurrency. Crypto miners are the nodes which carry out the validation process. When nodes complete their work on a specific blockchain block, they are rewarded with funds. Mining is an excellent way to earn digital currency for tech-minded individuals. Because digital currency is still relatively new, it remains somewhat mysterious to many individuals. As such, it is important to learn about the exciting world of cryptocurrency and how it could impact one’s life. Cryptocurrency can be used in a number of ways. For example, you can buy goods, invest, mine, send and receive payments, and more. Like any other asset, you can use it as you please. The only difference is that this asset is purely digital.