Many people know what a cryptocurrency is, but don’t actually know why they are different or why they're better than other currencies.
What is a Cryptocurrency?
A cryptocurrency is basically an online currency where there is no physical form of it. It isn't governed by anyone, no banks, no government no control!
How it works.
To have ownership of a cryptocurrency you need something called a wallet. If you want to buy some STEEM (A Steemit based cryptocurrency) then you should create a steemit account.
Each time someone makes a transaction from wallet to wallet, a “block” is uploaded to a ledger recording the transaction. Blocks are uploaded one after the other creating a “blockchain”. Anyone who wants to, can a have a copy of the ledger.
Hackability?
Crytpocurrencies are un-hackable. If someone uploads a transaction to the ledger that is not the same as everyone else's copy, than it automatically is deleted. If someone was going to hack a cryptocurrency, they would have to hack everyones computer who holds a copy of the ledger, this would be unfeasible.
Why is it so popular?
All other currencies have a middle man whereas cryptocurrencies are peer-to-peer. When sending money to someone through a crypto, it goes straight to the other person. When using a bank, the money you send can be held onto by the bank for up to 3 days! Your money doesn't need to be held onto by someone else, that’s why people like cryptos better!
Hello! I would really appreciate it if you took your time to kindly upVote this post, check out my other posts like this and even possibly follow me! I would tremendously appreciate it as it encourages me to keep on creating more educational steemit articles just for you.
Thank you!! - Bronson
Don't know what STEEM currency is? Click here:
https://steemit.com/steemit/@bronsonhill/everything-you-need-to-know-about-steem-currencies
New to Steemit and want to grow? Click here:
https://steemit.com/steemit/@bronsonhill/top-3-tips-on-how-to-grow-on-steemit