What is cryptocurrency

< All Topics

Cryptocurrency refers to digital ownership whose records are stored in the form of ledgers. It is like a digital means of exchange used as an asset by people to sell and buy goods through online means.

Cryptocurrency is different from the physical money used as a medium of exchange since no authority instructs and directs the process of trade. It is like an asset, and there is nothing that a trader cannot do since they have all the mandate and value, just like possessing physical currency.

Cryptocurrency decentralized

Cryptocurrency is a decentralized means of exchange, unlike the standard cash centralized by a given authority. It is a unifying type of currency since it is international, and the value is the same in different countries. Blockchain is how cryptocurrency can be centralized and ensured that it is used as a medium of exchange through a distributed ledger. Being a public transfer database, the popularity of cryptocurrency increases each time it is used, and there is no doubt that its future is promising.

Cryptocurreny

It began in 2009 when Satoshi Nakamoto the first Bitcoin made on the Bitcoin Blockchain.

The system should be considered a cryptocurrency when it can allow a transaction to occur and at the same ownership changes from one person to the one receiving the means of payment. Cryptocurrency is the basis for all types of digital currencies since it is a general term for the online transaction. It is more legit and fast compared to the traditional means of payment that has to have an external authority.

Previous What is Bitcoin?
Next What Is Ethereum 2.0?
Table of Contents