You must have heard the term Cryptocurrency, Bitcoin or Ethereum by now. But what it this Cryptocurrency actually mean. And whats it for you.
Let’s try breaking it to simpler stuff.
As the name suggests it’s a currency system based on cryptography.
Ok, so these “Digital currencies” are alternative currencies and thus also referred as altcoin.
Unlike the Fiat currencies, these currencies are not controlled by any bank or any government and thus they are decentralised.
So who accounts all the transaction?
So the transactions a accounted by everyone on the network.
The block chain is a shared public ledger that ensures security.
Also, These currencies have a value of them (a digital asset)
Bitcoin will never have more than 21 million coins in circulation so it’s more like an actual resource (gold) which have a maximum amount hence they remove inflation and their value would increase with an increase in people using it.
There are many crypto currencies such as Ethereum, Litecoins, Zcash and much more.