What is Cryptocurrency? A Simple Explanation.

Top Crypto curriencies

Bitcoin, Ethereum, and other crypto are revolutionizing how we bank, how we invest, and how we transfer money. It's a major emerging and disruptive asset that can and I personally, think will change the way society operates. Web3 is being built before our very eyes and cryptocurrency is just apart of it.

Cryptocurrency is mostly known for being decentralized digital money designed to be used over the internet. The first major use case is Bitcoin, which was created in 2008 when we were on the brink of the great recession. Bitcoin (BTC) remains the most notable and most influential. Followed by Ethereum (ETH) which is known as a 2nd generation cryptocurrency because of it’s invention of smart contracts.

Crypto allows for transfers of value without the need for an intermediaries taking their cut, 24- hour access, and finalization within minutes for most cryptocurrency. Ethereum, Bitcoin, and other cryptocurrencies are alternative stores of value to fiat money backed by governments.

Cryptocurrencies are usually not under government control and most don’t have a central point. They're peer-to-peer networks of thousands of computers across the running open-source software. They are secured by the underlying blockchain technology.

A blockchain is basically a distributed ledger, similar to bank accounts or accounting ledgers. Each Cryptocurrency has its own blockchain. Each block is a reverification of all accounts and data from the current set of a transactions and all previous transactions. Blockchain technology is relatively new, made possible through years of mathematical and computer science innovations.

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Darrius Singleton

Darrius Singleton

Crypto enthusiast | Web3| Cloud Computing | Decentralization | Politics | My Superpower: the ability to explain complex things in a simple way.