What is Cryptocurrency? Why is Crypto Cryptic?
First of all, we have all heard of crypto or cryptocurrency by now, but what the heck is it?
Here’s the gist. The lowdown is here. The skinny.
First of all, “Crypto” is an abbreviation of the word cryptocurrency. Secondly, this is a digital currency that can be used for trade or to buy goods and services. Crypto is secured through the use of an online ledger and strong cryptography.
I am losing you already right? I lost you? Wrong. Stay with me.
Here is the gist of the gist.
In other words, Crypto is basically a new digital form of money, and you need to learn more about it.
Today maybe the first time you have ever heard of or read the word “cryptography”. Did you have to slow down and read it twice like me? Well if not, then kudos to you! If so, then welcome to my intellect!
For those of us who are rookies here, the work cryptography means: The art of writing or solving codes.
Let’s continue on. Deep breath. In. Hold it. Out.
So why is Crypto Cryptic? Let’s go.
The majority of interest in these unregulated currencies is for profit trading, with speculators driving prices skyward at times.
So why is this a thing? Get a better understanding of Crypto. It is time for some Cryptocurrency.
In this section you will get a brief history of the digital phenomenon.
A Brief History of Cryptocurrency
Bitcoin was the first publicly used medium of payment to incorporate shared governance, consumer confidentiality, blockchain-based record-keeping, and built-in scarcity.
Satoshi Nakamoto, a pseudonymous individual or party, first mentioned it in a white paper published in 2008.
In early 2009, Satoshi Nakamoto made Bitcoin open to the general public. Almost immediately a tiny number of devoted followers started circulating and mining the money.
By late 2010, the first of thousands of related cryptocurrencies – including common equivalents like Litecoin – had begun to emerge. Around the same period, the first publicly listed Bitcoin exchanges emerged.
If you just scratched your head, you are not alone. Also, you may have lice. Just kidding.
Isn’t all Cryptocurrency called, “Bitcoin”? In a word,….No.
Not all Crypto is called Bitcoin. It’s just not.
On the contrary, while there are several various forms of cryptocurrency, there are six that are perhaps the most well-known. Specifically, Here are some types to learn.
Types of Cryptocurrency
Bitcoin is a cryptocurrency that was created in 2009. It is one of the most well-known currencies. It is an open-source software that was created in 2009. This is the most widely known name for cryptocurrency.
Satoshi Nakamoto was the nickname for the author of the whitepaper that created this digital currency.
Cryptocurrency Ethereum was developed in 2015 as an open source framework focused on blockchain technology.
The Ethereum blockchain focuses on monitoring ownership of digital currency transactions. Furthermore, it also operates the programming code of every decentralized application, enabling application developers to use it to pay for transaction fees and utilities on the Ethereum network.
Litecoin was released in 2011 as a Bitcoin replacement. Additionally, Litecoin, is an open source, multinational payment network that is fully decentralized. This structure ensures it has no central authority.
Bitcoin Cash was produced by bitcoin miners and developers who were also worried about the cryptocurrency’s potential and capacity to grow effectively. These people, on the other side, had concerns over the usage of separated witness technology.
The miners and developers claimed SegWit2x did not properly fix the fundamental issue of scalability. In addition, it did it conform to the roadmap outlined by Satoshi Nakamotor, the unknown group who first introduced the blockchain technology that underpins cryptocurrency.
Ripple’s XRP cryptocurrency is less well-known than the company’s digital payment protocol. Ripple is a peer-to-peer decentralized open-source platform. This type of crypto currency allows for the seamless transfer of money in any form, including USD, Yen, Litecoin, and Bitcoin.
The Ethereum Classic blockchain is a modified version of the Ethereum blockchain. It uses a similar decentralized platform to run smart contracts.
Still with me here? This was a lot of words without some sort of “dig” or wisecrack. Honestly I wanted to say something, but your head is probably throbbing right now. (OK, I actually added an “r” on Satoshi Nakamoto back there….. “Nakamotor!”) HA!
You want to take a break here. Take a break. It is OK. Or,…look,……there are only a few words left to read.
You now know a little about Cryptocurrency, (and I really do mean little. There is a LOT of information about this subject that I haven’t even touched.) Let’s learn where we can get some!
Where to get cryptocurrency
Cryptocurrency can be purchased with a credit card. “Mining” is a process that is an additional way of obtaining the currency. The storage location of Cryptocurrency is in a digital wallet. Notably, his can be found on the internet, on your computer, or on other hardware.
Although certain cryptocurrencies, such as Bitcoin, may be bought with US dollars, others need bitcoins or another cryptocurrency to be purchased.
All summed up? No. This does not sum it it. However, this is probably enough for today. There is a lot more to this. Before you go, please comment on this blog. No one will see it. I mean look at the popularity of this blog. It’s terrible.
You are still interested and want more. Right? Read the following and let me know.
What is a digital wallet?
What is a CYA?
Hey! One more thing. As long as you are here, please like this post, or comment below. Throw me a question and I will toss you an answer!
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