Ready to learn what Cryptocurrency is? Good! Cryptocurrency is digital money. There you go, you don’t have to Google anymore. 🙂 Though thats not the complete story!
The First Decentralized Cryptocurrency
When you think of cryptocurrency, you most likely think of Bitcoin.
Bitcoin is the first decentralized cryptocurrency. A form of digital money that does not require a central authority. The system itself keeps a ledger of all coins and who owns them which can be cryptographically proven to be true. This means you cannot counterfeit the digital asset Bitcoin but you can send/receive Bitcoin in the form of a transaction and the entire system itself updates the ledger to reflect this change. We think its kind of a big deal.
What Makes Cryptocurrency Special?
Here is a quick run down of the benefits of cryptocurrency over traditional money.
- Irreversible – Transactions once performed, cannot be reversed by anybody.
- Fast & International – The transactions are made instantly, confirmed in minutes, and can be sent to anywhere in the world.
- Secure – Cryptocurrency uses public cryptography to secure the funds only accessible by the owner of the private key for the public address.
- Permissionless – You don’t have to ask anyone permission to send or receive cryptocurrency.