A cryptocurrency is a medium of exchange that is digital, encrypted and decentralized.
Unlike the U.S. Dollar or the Euro, there is no central authority like bank or government that manages and maintains the value of a cryptocurrency or steps in if something goes wrong.
Instead, these tasks are broadly distributed among a cryptocurrency’s users via the internet through a peer-to-peer system.
Cryptocurrency is digital or virtual currency that is designed to be secure and, in many cases, anonymous.
It uses cryptography, which makes it nearly impossible to counterfeit or double-spend. Cryptography is the process of converting legible information into an almost uncrackable code, to track purchases and transfers.
The transactions are verified and recorded in a form of program called a blockchain.
Blockchain is a technology that is a distributed ledger ( like a register) enforced by a disparate network of computers.
Mining is the process that creates units of cryptocurrency. It involves using computer power to solve complicated maths problems that generate coins. Users can also buy the currencies from brokers, then store and spend them using cryptographic wallets.
Bitcoin is the world’s first decentralised cryptocurrency – a type of digital asset that uses public-key cryptography to record, sign and send transactions over the Bitcoin blockchain.
Launched on Jan. 3, 2009, by an anonymous computer programmer (or group of programmers) under the pseudonym “Satoshi Nakamoto”, the Bitcoin network (with an uppercase “B”) is a peer-to-peer electronic payment system that uses a native cryptocurrency called bitcoin (lower case “b”) to transfer value over the internet or act as a store of value like gold and silver.
Each bitcoin is made up of 100,000,000 satoshis (the smallest units of bitcoin), making individual bitcoin divisible up to 8 decimal places. This allows people to purchase fractions of a bitcoin with as little as one U.S. dollar.
Bitcoin and other cryptocurrencies are like the email of the financial world. The currency does not exist in physical form, value is transacted directly between the sender and the receiver, and there is no need for banking intermediaries to facilitate the transaction. Everything is done publicly through a transparent, immutable, distributed ledger technology called blockchain.
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