What is Cryptocurrency?
Cryptocurrency, also known as crypto or digital currency, is a medium of exchange that uses cryptography to secure and verify transactions. It can be used to make payments over the internet. The system works by using a distributed ledger, which is essentially a shared public database that is maintained by a network of computers. This database is used to record all transactions in a chain.
How Does it Work?
The first cryptocurrency was Bitcoin, which was created in 2009 by an unknown person who called himself Satoshi Nakamoto. He/she designed the system to be decentralized and peer-to-peer, meaning that there is no central authority, such as a bank, that controls the creation or destruction of money. In fact, the whole concept is based on the idea of a global currency that does not have a physical representation. The main idea behind this concept is that, if the currency were to be printed by a government or a central bank, it would be susceptible to inflation. In addition, the currency could be controlled by a single entity.
Bitcoin
The first cryptocurrency was bitcoin, which was created in 2009. Bitcoin is the most popular form of cryptocurrency. It is the first decentralized digital currency, and the first decentralized digital payment system. Bitcoins are created through a process called mining, which involves solving complex algorithms. When a user solves an algorithm, he/she receives a reward of 25 bitcoins. The more difficult the algorithm, the greater the reward. Bitcoin is the only cryptocurrency that has been around for a long time. In fact, it has been around since 2009, and has been traded at over $1,000 per coin.
Ethereum
Ethereum is the second largest cryptocurrency after Bitcoin. It was created in 2015 by Vitalik Buterin. Ethereum’s main feature is that it is an open-source platform for building decentralized applications (dapps). These dapps allow users to create smart contracts. The platform also allows developers to create their own coins, called ERC20 tokens.
Litecoin
Litecoin was created in 2011 by Charlie Lee. Litecoin is based on the same concept as Bitcoin. However, it is less popular than Bitcoin. In fact, it is the fourth most popular cryptocurrency.
Monero
Monero was created in 2014 by a person who calls himself/herself “monero”. Monero is a privacy-centric cryptocurrency. Its main feature is that it uses ring signatures, which makes it difficult to trace transactions.
Ripple
Ripple is the third largest cryptocurrency. It was created in 2012 by Chris Larsen. Ripple is a distributed ledger technology (DLT) that allows people to transfer money across borders. It was designed to be fast, scalable, and efficient.
Stellar
Stellar is the fourth largest cryptocurrency. It was created by Jed McCaleb, who previously created Mt. Gox. Stellar is a DLT that allows people to send money anywhere in the world.
IOTA
IOTA is the fifth largest cryptocurrency. It was created and developed by David Sonstebo. IOTA is an open-source project that allows people to transfer money without the need for intermediaries.
Zcash
Zcash is the sixth largest cryptocurrency. It was created as an alternative to Bitcoin. Zcash uses zero-knowledge proofs to ensure that users’ identities remain private.
Dash
Dash is the seventh largest cryptocurrency. It was created on January 14, 2014 by Evan Duffield. Dash is an open-source project, which means that it is free to use.
NEO
NEO is the eighth largest cryptocurrency. It was created with the goal of becoming China’s primary currency. It is a Chinese-based cryptocurrency that is designed to run on the NEO blockchain.
EOS
EOS is the ninth largest cryptocurrency. It was created to solve scalability problems with Ethereum. EOS uses delegated proof of stake to prevent malicious actors from disrupting the network.
Dogecoin
Dogecoin is the tenth largest cryptocurrency. It was created back in 2013 by Jackson Palmer. Dogecoin is a meme-based cryptocurrency. It was designed to be fun and friendly.
Binance Coin
Binance Coin is the eleventh largest cryptocurrency. It was created at the end of 2017 by Changpeng Zhao. Binance Coin is based on the Ethereum platform.
Bittrex
Bittrex is the twelfth largest cryptocurrency. It was created specifically to cater to the needs of traders. Bittrex offers trading platforms for several cryptocurrencies.
