Hi all steemianz,
Years ago, I got to see a bitcoin wallet online. But at that time I thought it may be a new online wallet like PayPal or paytm. Recently I got to hear about steemit. As many of my friends started making money on steemit, me also turned a bit towards it. There I was starting to get familiar about crypto currencies, block chain, Bitcoin and ethereum, etc. It lead me to know something more about crypto currencies. I'm writing here that what I understood about crypto currencies in my own simple language. Please correct me if I did something wrong here or let me know if I missed anything.
Before getting into crypto currencies, let me simply explain what is cryptography. Which were invented at the time of Second World war. Cryptography will let us to transfer secure data across a network.
Like I mentioned above about cryptography, crypto currencies are a form of digital money which are secure and decentralised in nature.
The first crypto currency was BitCoin. Which was invented in 2009. Crypto currencies don't have any centralised authority. It is completely decentralised, which means the crypto currency transfers are not handled by any banks or government.
Crypto currencies being transacted in a peer to peer manner. Such transactions are recorded in a digital ledger called Blockchain.
I'm just started to understand these all, and I know I'm just talking about some basics. I will make some new posts soon about bit coins and blockchain.
