WHAT IS A CRYPTOCURRENCY?! (Explained)
New to #cryptocurrencies? Don't know that are they? Here is a short video for you!
Cryptocurrencies are a digital asset that uses a distributed ledger known has Blockchain. The first virtual currency and yet the most popular appeared in 2009 named as Bitcoin. Satoshi Nakamoto created it like a “peer to peer electronic cash system” that resolved to what is know today. Cryptocurrencies uses hashes has a security system, to decode these hashes you need a key. Everyone that owns any type of crypto have a private and public key.
These keys combine their selves to create the hashes that are the virtual lock on the currency. This system makes impossible to stole crypto assets without knowing the private key. In case you wonder, hashes are generated using complex hashing algorithms like SHA-256 the one that bitcoin uses. Even though, cryptocurrencies go way beyond Bitcoin, all of them uses the same principle and a are somewhat based on what bitcoin stablished. A secure and useful way for monetary transactions with no limitations.
Amazing video! Thanks for sharing with us!
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