Cryptocurrency Basics - A noobs self taught info for noobs

So, for those who joined this site without a second glance at cryptocurrency beforehand, I did too and I feel completely daft for doing so. So, here's your research in a post.

I've only done my research today and it was fast and efficient, and there may be errors so for those more knowledgeable please correct me if you may. 

Let's start here...

So, Currency, the fact or quality of being generally accepted or in use, which has an agreed value by all parties. 

Generally, you and I would think of currency as the $20 bill I can pull out of my wallet, or withdraw from an ATM. It's thought of most commonly as the physical quantity to trade for what a goods, quality or service can provide. 

Now, Cryptocurrency. Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. The most common or often heard about is the Bitcoin. 

In civil terms, for those who don't work or haven't worked with cryptocurrency...
The difference between my physical $20 note, and cryptocurrency is that the money I pull out of my wallet is government and bank backed and issued, where cryptocurrency is the digital currency of peer agreement on value and worth by those using it. 

There are multiple types of cryptocurrencies at the moment, few and far between, though most commonly heard are:
* BitCoin; Price: 900(AUD)
* Feather Coin; Price: 0.0178(USD)
* LiteCoin; Price: 4.164(USD)
* Steem; Price: 3.98(USD)

Now, for those who want a random fact: The first ever bitcoin transaction happened in 2010 on May, 22nd. A man offered another man 10,000 bitcoins for him to pay for and have delivered a pizza. This was the first real bitcoin transaction and now that pizza is worth 8 Million Dollars. 

Within the cryptocurrency world, only a specific amount of this digital money is produced and nevermore after. Thus the rise and fall of the value of the specific digital currency, like a stock market rise and fall, can happen erratically and from my understanding has limited inflation. 

With physical money, it can be printed, and reprinted, and thus inflation rises. Just as you can put physical money into banks, you can also have your cryptocurrency banked. As well as using real money on the stock market, there are online trade sites that offer you the ability to buy, sell and trade cryptocurrency. An example of this is CoinBase. You can also use this cryptocurrency to buy specific items from specific sites if they accept this agreed upon currency. 

Now you're on steemit. This is your first encounter with cryptocurrency. Your steem is your currency, and you have the ability to go further.

This was my research for today, but I intend on doing much, much more. 

Cheers, and until next time. 

Sienna
Here's the latest photo of me, for those following. :)
Cheers Steemit