FACTS ABOUT CRYPTOCURRENCY

in cryptocurrency •  5 months ago 

Cryptocurrency are limited entries in a database no one can change without fulfilling specific conditions.

Cryptocurrencies are not regulated by a centralized bank. It is commonly said that cryptocurrency is backed by maths.

Satoshi Nakamoto the unknown inventor of bitcoin which is the first and still the most important cryptocurrency.
He developed a peer to peer electronic cash system.
His aim was to invent something many people failed to create before digital cash.
The purpose of cryptocurrency is to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units and verify the transfer of assets.

Cryptocurrencies are extremely volatile in the sense that they undergo large variations every hour and the prices often changes drastically day to day. There are always ups and downs in the cryptocurrency market.

As of 2018, cryptocurrency has been used as a decentralized alternative to traditional fiat currencies (which are usually backed by some central government) such as the US dollar (USD).

What is a cryptocurrency address?: A public address is a unique string of characters used to receive cryptocurrency. Each public address has a matching private address that can be used to prove ownership of the public address.

In other words, although the future is uncertain, cryptocurrency seems to be more than just a fad.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!