Posted by Wondering what cryptocurrency is all about and how to make money from trading the digital currency? Well worry no more, as we have done a brief compilation of certain key terms related to Cryptocurrency and it’s features.
Firstly, what is cryptocurrency?
Cryptocurrency is a digital peer-to-peer medium of exchange that uses cryptography to process and secure transactions.
Although a lot o cryptocurrencies are designed to be ‘decentralized’, a term widely used to describe upkeep of the transaction records is maintained by a network of computers around the globe.
The network works together to ensure that only legitimate transactions are entered onto the blockchain. Most cryptocurrencies are built on top of a blockchain. And Most cryptocurrencies are built on top of a blockchain.
A brief introduction To BLOCKCHAIN
Cryptocurrency and blockchain are two terms often used together but they mean quite different things.
A blockchain is a list of records that are linked together using cryptography. Cryptocurrency on the other hand is a digital currency that is often built using blockchain technology to control payments and transactions.
Therefore, blockchain can be defined as the technology that powers cryptocurrency.
They are many types of crypto currency, but the major cryptos currently emassing massive i UInterests worldwide includes;
1. Bitcoin
2. Ethereum
3. Litecoin
Although these are only but a few of the coins which have a high trading volume, it is noteworthy that the main aim why people venture into cryptocurrency markets is to make profit
Bitcoin was initially the first cryptocurrency created by satoshi nakamato in 2008.
Satoshi had initially outlined a proposal for peer to peer, a concept for decentralised digital cash.With peer to peer, a user could literally send coins out from his crypto
in exchange for a valuable asset.