What is Cryptocurrency ?

Cryptocurrency

Cryptocurrency is also known as Crypto is a decentralized currency based on a technology called Blockchain. Blockchain is a valid list of crypto records called Blocks, that are linked together using cryptography. Each block contains a cryptographic hash of the previous block. Cryptocurrencies are virtual currencies that don't have any physical form like notes or coins and they don't have any central authority.

Bitcoin

Bitcoin, first released as open-source software in 2009, is the first decentralized cryptocurrency. Since the release of bitcoin, many other cryptocurrencies have been created. Bitcoin was $0.005 when it's released for the first time and now the price was more than $50,000 and it's growing day by day.

Cryptography

To know all about Cryptocurrency we have to know about Cryptography so we have to go back to 1983, the American cryptographer David Chaum conceived an anonymous cryptographic electronic money called ecash. Later, in 1995, he implemented it through Digicash, an early form of cryptographic electronic payments which required user software to withdraw notes from a bank and designate specific encrypted keys before they can be sent to a recipient. This allowed the digital currency to be untraceable by the issuing bank, the government, or any third party.

Altcoins

After Bitcoin, many other cryptocurrencies are made in the same blockchain technology called Altcoins. Example like Ethereum, Litecoin, Ripple also many more. Altcoins often have underlying differences with bitcoin. For example, Litecoin aims to process a block every 2.5 minutes, rather than bitcoin's 10 minutes, which allows Litecoin to confirm transactions faster than bitcoin. Another example is Ethereum, which has smart contract functionality that allows decentralized applications to be run on its blockchain.

Stablecoins

Stablecoins are altcoins that are designed to maintain a stable level of purchasing power