Cryptocurrency is more than a buzzword; it is synonymous with the latest and greatest financial revolution. Cryptocurrency refers to a digital currency that is linked to a blockchain.
There are different types of cryptocurrencies, each with its unique network and goal, but in general, cryptocurrencies act as forms of payment. These cryptocurrencies function as the digital assets of blockchains and use cryptography to secure transactions.
Imagine blockchain as a bank, or bank ledger, and cryptocurrencies as the money moving around the bank. The blockchain acts as a digital ledger to store all data, and because of its decentralized nature, it makes it immutable and helps combat corruption.
It is a peer-to-peer system reliant on trust, transparency, and security. There is no central issuer or regulating authority, but rather a collective of users working together to ensure faster, cheaper, and more secure transactions.
The first cryptocurrency to be introduced to the world was Bitcoin in 2009.
Want to learn more about crypto? Check out our comprehensive guide.
