What is cryptocurrency and how does it work?

What is cryptocurrency and how does it work?

What is cryptocurrency, What is Blockchain, How cryptocurrency works, Features of cryptocurrency, History of Cryptocurrency, Famous Cryptocurrency (What is a cryptocurrency, what is blockchain, how does cryptocurrency work, features of cryptocurrency)

What is Cryptocurrency

Cryptocurrency is a virtual currency i.e. it is a digital currency used to purchase goods or services it is decentralized digital money based on blockchain

What is Blockchain?

Blockchain is a digital laser by which records can be secured. Blockchain technology consists of many blocks and contains data and is interconnected.

How cryptocurrency works

Cryptocurrency is based on blockchain and the data of transactions in cryptocurrency is kept in Blocks and their security is done by Cryptocurrency Mining and the people who do the work of Cryptocurrency Mining. They are called miners

Features of cryptocurrency

  • A cryptocurrency is a form of digital asset
  • It is based on decentralization which means it is not controlled by a single person i.e. it is not controlled by a single person
  • Cryptocurrencies can be exchanged
  • It is virtual, meaning it is only available online
  • It has transparency as most of its code is open source

History of Cryptocurrency

David Chaum, an American cryptographer, thought of a cryptographic electronic currency called iCash in 1983 and created it in 1995 and later renamed it DigiCash, a software for cryptographic electronic payments. Requirement with which many main tasks are performed

The first decentralized cryptocurrency was created in 2009 by developer Satoshi Nakamoto and named Bitcoin. It uses the SHA-256 cryptographic hash function.

Total Cryptocurrency

According to a Statista report, there are approximately 6000 cryptocurrencies worldwide in October 2021 and this number has increased significantly compared to previous years. The number was around 66 in 2013 and around 506 in 2014, 562 in 2015 and around 644 in 2016. There were about 1335, about 1658 in 2018, about 2817 in 2019

Famous Cryptocurrency

  • Bitcoin
  • Ethereum
  • Binance Coin
  • Litecoin

What is Bitcoin

Bitcoin is a cryptocurrency. This cryptocurrency was conceived by an unknown person in 2009 and later named Satoshi Nakamoto. There is no bank or intermediary relationship between Bitcoin transactions Used to purchase goods or services. It is a digital currency. Bitcoin can be bought or sold through the Bitcoin Exchange.

What is Ethereum

Ethereum is a cryptocurrency conceived by a programmer Vitalik Buterin in 2013. Released or live on July 30, 2015. Vitalic Buterin is also the co-founder of Bitcoin Magazine. The code for this cryptocurrency is Go, Rust, C hash, C plus +, and Java were written in Python

What is Binance Coin

Binance Coin is a cryptocurrency launched by the Binance Cryptocurrency Exchange in July 2017. Initial Coin Offering of the Binance Coin was done i.e. before the launch this coin was distributed to some people including the developers. 40% coins, 10% coins were distributed to investors

What is Litecoin

Bitcoin is a cryptocurrency. This coin was created by Charlie Lee and was released on October 7, 2011. Bitcoin is based on Bitcoin’s open-source code. Only 84 million bitcoins can be created.

Cryptocurrency FAQ’s

What is the meaning of cryptocurrency?

Cryptocurrency is a virtual currency i.e. it is a digital currency used to purchase goods or services.

What is the famous cryptocurrency?

Bitcoin, Ethereum, Binance Coin, Litecoin

What does bitcoin mean?

Bitcoin is a cryptocurrency. The cryptocurrency was conceived by an unknown person in 2009 and was later renamed Satoshi Nakamoto.