What is cryptocurrency?

Cryptocurrency, is a form of digital or electronic currency that utilizes encryption techniques to serve as a substitute form for the traditional mode of payment. As it leverages the encryption technology, it is able to act as a virtual accounting system that operates electronically, while also functioning as a medium of trade. To use cryptocurrencies, you need a wallet specific for cryptocurrency. These wallets could be programs that you download on your PC, smartphone, or cloud storage. The wallets then help with storing information which is encrypted, helping to exclusively bind you to your bitcoin, framing a unique identity that helps in verification of all transactions carried out.

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Cryptocurrency guide for Beginners

Cryptocurrency guide for Beginners

Cryptocurrencies are created, tracked, and managed via a public ledger, such as a blockchain. In a distributed network, computers working in a decentralised system guarantee the possession of the currency and the accuracy of the financial data. Consider it as a massive, ongoing receipt of all responsible for arranging that is being continuously examined by everyone who has access to the receipt.

Many cryptocurrencies, which are distinguished by their decentralised systems, avoid a central authority. Part of the appeal of cryptocurrencies like Bitcoin is the reduction of government and central bank involvement and political manoeuvrings that result from their exclusion from the monetary system. The number of coins in some cryptocurrencies is therefore limited. The design of the Bitcoin infrastructure prevents the creation of more than 21 million bitcoins.

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