CRYPTOCURRENCY 101: THE BASICS

What is a 'CRYPTOCURRENCY'?

The first Cryptocurrency created was Bitcoin, established in 2008 by an anonymous coder known only as Satoshi Nakamoto.

Cryptocurrencies can essentially be labeled 'digital cash' and exist as part of a 'Peer-to-Peer Electronic Cash System'.

Important takeaways:

When Cryptocurrencies are spent, all transactions are irreversible and permanent. Cryptocurrencies provide no safety net.

Cryptocurrencies are pseudonymous. They are not connected to real-world identities or banking accounts.

Cryptocurrencies are fast and global. Transactions using Cryptocurrencies are confirmed within minutes, whether money is transferred to a neighbour or across the world.

Cryptocurrencies are secure. Cryptocurrencies are locked in a public key cryptography system --- an encryption system that is essentially unhackable.

Cryptocurrencies are for everyone. Cryptocurrencies are available to everyone and free from government interference. To access Cryptocurrencies you can simply download software for free and start filling your wallet.

Cryptocurrencies are the future!