What is cryptocurrency?
Cryptocurrency is a form of virtual currency, created and stored electronically. It is not centrally controlled, and it is not tangible; instead, cryptocurrency is created by people and businesses through software that solves complicated mathematical problems.
One of cryptocurrencies’ most distinguishing characteristics is that it’s entirely decentralised. This means that its network is not controlled by any one institution. Thus no banks, business owners or third parties can manage it.
Cryptocurrency is protected by cryptography, which makes it incredibly secure and almost impossible to hack or use in fraudulent transactions.
What is a cryptocurrency wallet?
It is nothing like the physical wallet. Instead, it is a software program that enables users to store digital currency on blockchain technology and claim their ownership of the coins. They allow users to send and receive digital currency, as well as to monitor their balance.
Why use cryptocurrency?
Basically, cryptocurrencies are known for its extreme security and anonymity to the highest level. Transactions made by this system cannot be reversed nor faked and compared to what your local bank are doing in its client charging high transaction fees. In cryptocurrency the fees are to the lowest level, making it reliable than the conventional currency in the marketplace. Its decentralized nature means they can be available to everyone, in which banks can only be available to those they permitted to open accounts.
Cryptocurrency is a new generation cash, the cryptocurrency marketplace known this that currency that could take off high value even overnight. But same works the other way around. People who invest on cryptocurrencies must be aware on its volatility in the market and the possible risk when buying it.
How many cryptocurrencies exist in the web?
There is no exact number of existing cryptocurrencies exist in the ecosystem, this is because the code of the cryptocurrency is an open source, this means that anyone has the chance to create their own version of cryptocurrency by just using the code. But as to this moment, the estimated cryptocurrencies in the marketplace is about more than 900, along with the data embedded on them, which can be seen on the list of registered coins.
What was the first cryptocurrency?
The first cryptocurrency that was recorded in the digital data was bitcoin, created in the late 2009 and still as of now the best cryptocurrency known in the marketplace. A creation of cryptocurrencies has started emerging in the past decade and now more than 1000 cryptocurrencies can be found on the internet.
What are the most popular cryptocurrencys?
Bitcoin, Ethereum, Ripple, and Litecoin
What is cryptocurrency mining?
Mining any type of cryptocurrencies basically needs powerful hardware and the right software. The value of the currency highly depends on the units available in the marketplace, they are carefully monitored in a very accurate process. Mining cryptocurrency is the process of generating units in the cryptocurrency.