Cryptocurrency is defined as a digital or virtual currency that uses cryptography for security.
This type of currency is often decentralized and can be used without relying on banks or governments.
Cryptocurrency, the way it is currently in use, has no physical form or any other asset backing it up.
It’s not backed by anything with intrinsic value like gold or silver.
-It’s created online only by people who solve mathematical problems that are part of the system set up to create currency.
-The total number of Bitcoin in circulation is capped at 21 million, and new coins are created as each one is mined, which makes it a deflationary currency.
Bitcoin was developed in 2009 by an unknown programmer or group of programmers using the name Satoshi Nakamoto. Bitcoin is a digital currency used to purchase products and services in stores and on the internet. It’s also a worldwide payment system.
Bitcoin is distributed through a peer-to-peer network, meaning that no central authority issues new coins or oversees Bitcoin transactions. In order for transactions to take place, they need to be recorded in a public ledger called the Block chain. The transactions are confirmed by something called mining, which is the process of solving complex mathematical equations with specialized hardware.
The first Bitcoin transaction took place on May 22, 2010 with an American programmer named Laszlo Hanyecz who sent 10 000 bitcoins to computer programmer Hal Finney for two Papa John’s pizzas worth $25
Bitcoin, the first decentralized cryptocurrency, was created in 2009. Bitcoin was introduced to the world as a digital form of currency that could not be manipulated or changed by any central authority (i.e. government, bank).
A cryptocurrency is a digital or virtual currency that can be exchanged for physical money, goods and services and other currencies. Cryptocurrency is also considered a form of unregulated digital currency because it is not created by any government agency like the US Federal Reserve.
Bitcoin runs on a technology called blockchain which functions as an online ledger of transactions that cannot be altered and are publically-searchable. The use of blockchain technology has allowed many cryptocurrencies to launch and run without being disrupted by any centralized company or entity, which provides benefits such as security from manipulation and fraud