What Is Cryptocurrency: The Ultimate Beginner's Guide

There is no doubt that the world of digital currency is growing, fast. In the last couple of years, we have seen an explosive rise in the number of cryptocurrency users and market capitalization for these digital currencies. Moreover,

What Is Cryptocurrency: The Ultimate Beginner's Guide

according to a recent report by Markets Insider, the combined market cap for all blockchain-based digital tokens surged above $200 billion for the first time ever on December 21, 2017.

The increasing popularity of digital currencies has also led to more and more celebrities endorsing them and even posting about them on social media. Some notable examples include singer Kanye West, actor Ashton Kutcher, retired basketball player Kobe Bryant and many others who can be found here:

What Is Cryptocurrency?

Cryptocurrency is a digital asset that is encrypted using cryptography, or code, that uses a technology called blockchain to facilitate secure transactions and create a record of these transactions,

which cannot be altered. Cryptocurrency can also be used as a general term to describe the entire industry surrounding digital assets. The first cryptocurrency was created in 2009, and there are currently thousands of them in existence. Bitcoin remains the market leader with a 44% share of the $300 billion cryptocurrency market as of December 22, 2017,

but there are many others that are growing much faster, including Ethereum, Ripple, Litecoin, Dash, and more. Investors are drawn to cryptocurrencies and their decentralized nature. This means that no government or other centralized authority such as a central bank can control the value of the currency or decide how many of the coins will be created and issued.

Why Are People Going Crazy Over Cryptocurrency?

The number of people using and investing in cryptocurrency is increasing as the general public becomes aware of the various benefits they offer. Cryptocurrencies have less transaction fees, are decentralized,

transferable and accessible 24/7 via an online account, and are generally much faster to move than other forms of payment. Cryptocurrencies are also completely anonymous so there is no need to submit personal identification when making purchases or investments.

They are also not regulated by banks or governments which means they are not subject to any regulation or control, therefore making them attractive to a lot of people.

Who Created Bitcoin?

Bitcoin was created by an unknown person or group of people under the name Satoshi Nakamoto. It was established in 2009 as an alternative to centralized fiat currencies and payment systems like PayPal and Visa.

Its developer created the rules for the system and the blockchain technology on which it functions. The identity of the person or group of people behind the creation of Bitcoin remains unknown. Some have speculated that it might be a group of people, or it could be a single person.

There have been many attempts to identify the real identity of the creator, but to this day, no one knows who truly created Bitcoin.

How Does Bitcoin Work?

Bitcoin works similarly to physical money in that it can be traded for goods and services, but it is transferred digitally. People can buy Bitcoin by exchanging another currency, such as the U.S. dollar,

for it through an online exchange or by buying it from someone who has it. It can also be mined by computers that solve complex algorithms as a way to create new Bitcoins. Once you have Bitcoin, you can store it in an online “wallet” that can be accessed from any device.

You can also use it to make payments to other people or businesses. Once the transaction has been made, it gets recorded on a public ledger called a blockchain. This open blockchain keeps track of all transactions that have ever been made, and it cannot be altered in any way.

Who Is Developing All This?

Organizations and individuals working in the cryptocurrency space could be classified into 4 groups: Retail Investors - People who are interested in cryptocurrencies and have invested in them.

People who are interested in cryptocurrencies and have invested in them. Venture Capitalists (VCs) - Investors who provide funding for start-ups. - Investors who provide funding for start-ups. Crypto Funds

I

nvestment funds that focus on cryptocurrencies and their underlying blockchain technologies. - Investment funds that focus on cryptocurrencies and their underlying blockchain technologies. Crypto Companies - These are companies that use blockchain technology for various applications.

Examples include supply chain, healthcare, insurance and many more. The cryptocurrency industry is not regulated by any central authority, and there is no governing body that can create standards for it. This means that anyone with the technical skills

can develop cryptocurrency solutions and make them available for other users and businesses.

How to Buy Bitcoin and Other Cryptocurrencies?

There are two ways in which you can buy Bitcoin and other cryptocurrencies: 1. Buy them through an online exchange. 2. Create a wallet and buy them from another person through an online marketplace.

The best way to buy these coins is by first finding out what exchanges they are offered on, and then deciding which is the best choice according to your location, payment method and other factors. Some of the most popular cryptocurrency exchanges are Coinbase, Binance, Bittrex, and many others.

Conclusion

To summarize, cryptocurrency is a digital asset that is encrypted using cryptography, or code, that uses a technology called blockchain to facilitate secure transactions and create a record of these transactions, which cannot be altered.

The first cryptocurrency was created in 2009, and there are currently thousands of them in existence. The number of people using and investing in cryptocurrency is increasing as the general public becomes aware of what they offer. Investors are drawn to

cryptocurrencies and their decentralized nature, which means that no government or other centralized authority such as a central bank can control the value of the currency or decide how many of the coins will be created and issued.