What is cryptocurrency?
Cryptocurrency is a digital currency which has been designed to work as a medium of exchange using cryptography to secure the transactions and verify the assets while exercising control over the creation of new assets. Bitcoin was the first cryptocurrency which was decentralised and was created in the year 2009. Numerous other cryptocurrencies have been created after Bitcoin and are called “altcoins”.
What is a Blockchain?
The ledger which is distributed publicly is called a blockchain. In simple terms, the blockchain is a database which is distributed on multiple computers at the same time. The old blocks of the blockchain are not deleted and are preserved forever. This is the key to its power really.
Cryptocurrency being anonymous in nature has the potential to change the world by changing the way we bank, undertake daily transactions and above all, view money.
More and more people are adopting cryptocurrency as the currency of the future. Crypto has its own advantages in comparison to the traditional banks. The whole system being decentralised is quite transparent. The market today is flooded with cryptocurrencies each claiming its dominance over the other.
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