- Cryptocurrencies are designed to let you store, send, and receive value (like money) without any third parties (like banks or credit card companies).
- in 2008, a mysterious person calling himself Satoshi Nakamoto invented the first cryptocurrency, Bitcoin. To this day, Satoshi remains anonymous and nobody knows who he is.
- Bitcoin has grown a lot since its invention and remains the most popular cryptocurrency.
- The cryptocurrency Bitcoin, for example, is completely controlled by its users. They’re located all around the world and use the internet to send and receive payments. But unlike traditional payments that pass through banks, bitcoin is sent directly from person to person. This is known as a peer-to-peer system (P2P). It means there is no central control
- Transactions are sent between peers using software called “cryptocurrency wallets.” The person creating the transaction uses the wallet software to transfer balances from one account (AKA a public address) to another. To transfer funds, knowledge of a password (AKA a private key) associated with the account is needed. Transactions made between peers are encrypted and then broadcast to the cryptocurrency’s network and queued up to be added to the public ledger. Transactions are then recorded on the public ledger via a process called “mining” (explained below). All users of a given cryptocurrency have access to the ledger if they choose to access it, for example by downloading and running a copy of the software called a “full node” wallet (as opposed to holding their coins in a third party wallet). The transaction amounts are public, but who sent the transaction is encrypted (transactions are pseudo-anonymous). Each transaction leads back to a unique set of keys. Whoever owns a set of keys, owns the amount of cryptocurrency associated with those keys (just like whoever owns a bank account owns the money in it). Many transactions are added to a ledger at once. These “blocks” of transactions are added sequentially by miners. That is why the ledger and the technology behind it are called “block” “chain.” It is a “chain” of “blocks” of transactions. TIP: I’ve just described how Bitcion works and how many other coins work too. However, some altcoins use unique mechanics. For example some coins offer fully private transactions and some don’t use blockchain at all.
- You can Invest In several cryptocurrencies by buy them Hold for a period then sell them when the price move up
- You can trade on cryptocurrencies like trading on forex ( buying and selling crypro 2 another crypto or crypto 2 dollar or another currency
You can mining it like gold mining but it is a physical mining which have two ways
- 1-by your CPU (high cost)
- 2-buy mining contract on a mining website (the easy way)
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