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What is cryptocurrency? A beginner’s guide to digital currency

Cryptocurrency 101

Cryptocurrency is decentralized, meaning it does not rely on a central authority to operate.

Cryptocurrencies are created through a process called mining.

Miners are rewarded with cryptocurrency for verifying and confirming transactions.

As of February 2018, there were over 1,500 different types of cryptocurrencies in existence.

How does cryptocurrency work?

Cryptocurrencies are digital tokens that use decentralized technology to operate.

The majority of cryptocurrencies function without the backing of a central bank or government.

Instead, they rely on blockchain technology which underpins their operation.

Cryptocurrencies do not exist as stacks of notes and coins but rather live only on the internet where their value is decided by market forces created by those seeking to purchase/sell them.

pi cryptocurrency

Who has historically impacted cryptocurrency?

Satoshi Nakamoto, Vitalik Buterin and other early adopters have had a significant impact on the cryptocurrency industry.

Bitcoin was created by Satoshi Nakamoto in 2009. Ethereum is a platform that allows for the creation of smart contracts and other tokens using its blockchain technology.

bitcoin cryptocurrency

Advantages and disadvantages of cryptocurrency

Cryptocurrencies are not backed by any government or central bank, but they may be accepted as a form of payment.

Bitcoin, for example, is traded on various exchanges and can also be used to purchase goods and services. .

Cryptocurrencies are not backed by any government or central bank, but they may be accepted as a form of payment.

Bitcoin, for example, is traded on various exchanges and can also be used to purchase goods and services.

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