What is Cryptocurrency? All You Need To Know

 

A cryptocurrency (or crypto currency) is a digital currency or asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency.

Only few people know that  cryptocurrencies emerged as a side product of another invention. Cryptocurrency was birthed by Satoshi Nakamoto, the unknown inventor of Bitcoin, the first and still most important cryptocurrency after several failed attempts by many people to create digital cash

In his announcement of Bitcoin in late 2008, Satoshi said he developed “A Peer-to-Peer Electronic Cash System.“  His goal was to invent something; many people failed to create before digital cash. Satoshi finally found a way to build a decentralized digital cash system.

A cryptocurrency consists of a network of peers. Every peer has a record of the complete history of all transactions and thus of the balance of every account.

Due to its revolutionary properties cryptocurrencies have become a success their inventor, Satoshi Nakamoto, didn‘t dare to dream of it. While every other attempt to create a digital cash system didn‘t attract a critical mass of users, Bitcoin had something that provoked enthusiasm and fascination. Sometimes it feels more like religion than technology.