Most people ask what is crypto, what crypto means, how crypto works, and much like this. If you have the same questions on your mind then you are in the right place.
Crypto or crypto-currency is a virtual or digital currency that uses cryptography to secure transactions. Cryptocurrency is decentralized finance, meaning it doesn’t have a central issuing or regulating authority. These currencies are based on blockchain technology. The most popular of these currencies are, Bitcoin and Ethereum, but there are 19,000+ different cryptocurrencies in circulation.
What is crypto?
Cryptocurrency is a digital or virtual currency, which is another form of payment created using encryption algorithms(Blockchain). The use of encryption technologies means that cryptocurrencies function both as a currency and as a virtual accounting system. To own a cryptocurrency one need a cryptocurrency wallet. These wallets can be software or applications that are stored on your computer or on your mobile device. The wallets are the tool through which you can store your digital assets. Wallets are highly secure through encryption keys that confirm your identity.
Cryptocurrency is named after encryption because it uses encryption to verify transactions. Advanced coding is involved in storing and sending/receiving cryptocurrency data between wallets and public ledgers. The point of encryption is to make sure security and safety.
The first cryptocurrency was Bitcoin, which was founded by Satoshi Nakamoto in 2009 and remains the best known today. People take interest in cryptocurrencies because of their high volatility. People tend to make high profits the volatility.
There are thousands of cryptocurrencies but some of them are very popular. A list of the popular cryptocurrencies is as under.
You can view each of the cryptocurrencies on Coin MarketCap
Quotes about Crypto
Here are some of the best quotes as under
If you don’t believe it or don’t get it, I don’t have the time to try to convince you, sorry.– Satoshi Nakamoto
Blockchain is the tech. Bitcoin is merely the first mainstream manifestation of its potential.– Marc Kenigsberg
How crypto works
Blockchain is a technology that is used to keep the record of cryptocurrencies. It stores all the data about the transaction that takes place all over the world. Blockchain works like leisure for cryptocurrencies. Blockchain knows who owns which type of crypto currency and how much.
Units of cryptocurrency are produced through a process called crypto mining. Which involves using supercomputer power to solve cryptographic equations that generate coins.
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