Cryptocurrency Explained: Everything You Need to Know
Cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. Essentially, cryptocurrencies are limited entries in a database that no one can change unless specific conditions are fulfilled.
The first cryptocurrency to capture the public imagination was Bitcoin, which was launched in 2009 by an individual or group known under the pseudonym, Satoshi Nakamoto. As of September 2015, there were over 14.6 million bitcoins in circulation with a total market value of $3.4 billion. Bitcoin’s success has spawned a number of competing cryptocurrencies, such as Litecoin, Namecoin and PPCoin.
What is Cryptocurrency?
Cryptocurrency, also known as digital currency or virtual currency, took the world by storm in 2017. It’s a type of currency that exists solely in digital form and isn’t regulated like fiat money (U.S dollars, euros, etc). The most famous cryptocurrency currently is Bitcoin, which was introduced to the world in January 2009 by Satoshi Nakamoto. Other types of cryptocurrency include Litecoin, Ethereum, and Ripple.
Who Controls Cryptocurrency?
Like we previously stated, cryptocurrency is not regulated like fiat money. The control over it rests with the people who own them. There are no central banks or governments that can manipulate their value as they see fit. Cryptocurrencies are said to be decentralized because they don’t rely on financial institutions to back them up. Cryptocurrencies are traded peer-to-peer without the use of an intermediary (like a bank). Because there is no regulation over the prices of cryptocurrencies and the market is so volatile, it can be difficult to determine what a fair price is for any given coin at any given time. However, you can use our automated pricing tool to get real-time prices on all major cryptocurrencies!
How Does Crypt
In the past couple of years, there has been a lot of buzz about cryptocurrency. Many people have heard about the incredible returns that investors have had in the market. If you got in early on Bitcoin or Ethereum, you’re most likely sitting on a big chunk of change. So what is this cryptocurrency craze all about? And should you jump on board?
In this post, I’m going to explain exactly what cryptocurrency is and how it works. Before we get started, let’s take a moment to look at the basics.
The cryptocurrency markets are having their worst day in some time on Tuesday. Not only are bitcoin (BTC-USD) and Ethereum (ETH-USD) down, or a few other major cryptocurrencies, but digital currencies are largely plunging across-the-board. In all, the cryptocurrency market has lost about $70 billion in value over the past 24 hours.
There are a few reasons why crypto prices have taken a hit lately:
South Korea’s justice minister recently said that the country is preparing a bill to ban cryptocurrency trading, which would make it illegal to exchange digital coins for won and vice versa. The government is reportedly moving quickly because crypto trading has become too “irrationally overheated.”
The US Treasury has called for stricter oversight of cryptocurrencies as part of an effort to prevent them from being used for illegal activity, such as money laundering and funding terrorism. The report noted that cryptocurrencies provide “new opportunities for criminals” given how quickly they can move money around the world.
Many cryptocurrency exchanges in China were recently ordered to cease operations as the government continues its crackdown on digital currencies. China is home to some of the largest trading platforms for bitcoin and other cryptocurrencies.
Bitcoin, the digital currency, has been all over the news for years. But because it’s entirely digital and doesn’t necessarily correspond to any existing fiat currency, it’s not easy to understand for the newcomer. Let’s break down the basis of exactly what Bitcoin is, how it works, and its possible future in the global economy.
Cryptocurrencies are a type of digital currency that use encryption techniques to regulate the generation of units and verify transactions. Cryptocurrency is also called a virtual currency or digital currency.
In 2009, an anonymous entity going by the alias Satoshi Nakamoto created a cryptocurrency called Bitcoin. The Bitcoin technology is based on the blockchain, which is a decentralized system that keeps track of all transactions in real time.
Bitcoin has gone from strength to strength to become the most popular cryptocurrency out there. While other cryptocurrencies have emerged, Bitcoin is still the king of them all.
The number of cryptocurrencies available today has exploded into the thousands and more are being developed every day. The market capitalization for these currencies runs into billions as well.