Cryptocurrency is a digital currency that is completely internet-based. It is not controlled by any government or bank, but instead runs on a technology called blockchain. Cryptography is used to secure transactions. Cryptography technology is very secure, making it impossible to counterfeit or duplicate.
When did crypto begin?
Cryptocurrency began in 2009, when the first cryptocurrency called “Bitcoin” appeared. Prior to this, in 2008, a mysterious person named Satoshi Nakamoto published the “Bitcoin Whitepaper,” which outlined the entire framework of digital currency. This was the first time digital currency was introduced to the world.
Who created crypto?
Crypto was started by a person named Satoshi Nakamoto. To this day, it remains a mystery whether this name is real or merely a disguise. However, this person is considered the true father of cryptocurrency and blockchain technology.
How does crypto work?
The entire cryptocurrency system is based on blockchain.
Blockchain is a digital ledger in which information about every transaction is stored in blocks.
When someone sends crypto, that transaction is verified (mined) by a computer network.
After verification, the transaction is added to the blockchain and recorded forever.
It does not require a bank or third party, making transactions fast and secure.
Advantages of Crypto
- Decentralized System – Cryptocurrency is not under the control of any government, bank, or institution.
- Secure and Transparent – Due to blockchain technology, every transaction is recorded and secure.
- Low transaction fees – Crypto transfers are cheaper and faster than traditional banking.
- Global currency – It can be easily sent and received anywhere in the world.
- Investment tool – Bitcoin and other cryptocurrencies have become a great investment and profit-generating option for people.