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What are cryptocurrencies?

A brief explanation of cryptocurrencies

Cryptocurrencies are an internet-based medium of exchange that uses cryptographic functions to conduct financial transactions. They use blockchain technology to achieve decentralization, immutability and transparency.

According to the latest crypto news, there are thousands of cryptocurrencies out there. However, the most popular ones include Bitcoin, Ethereum, Ripple, Binance Coin, Bitcoin Cash, Tezos, Tron, Litecoin, and EOS, which acquire more than 80% of the total market capitalization.

Decentralized cryptocurrencies like Bitcoin have one major advantage: No single authority can control them. Instead, they are controlled by an algorithm that is preprogrammed and defined. This takes away the human factor and makes the entire network transparent and immutable.

Compared to traditional bank transfers, cryptos can be sent directly between two parties in a quick and inexpensive process. Since there is no central authority or middleman, users can go through the process without having to worry about different rules.

What is bitcoin?

Bitcoin is the first decentralized global digital currency. This means, among other things, that it is completely computerized and has no physical form.

Bitcoin can be sent quickly and securely from any point in the world to another. The only need is an internet connection. Since it is a decentralized coin, the price of Bitcoin on the open market is determined based on supply and demand.

Bitcoin is stored in digital addresses that are common on the internet. It is a cryptographic coin based on encrypted technology (blockchain). Since Bitcoin is decentralized, it is a currency that is not controlled by any central authority such as a government or bank.

Since Bitcoin is an open source project, many developers have contributed and developed the Bitcoin code on a daily basis.

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