Sure, you've heard of Bitcoin, but do you really know what cryptocurrency is? If not, it's time to get to learnin', because cryptocurrencies are on the rise in a big way.
Unlike other forms of currency that are government regulated, cryptocurrencies use decentralized technology. That allows users to secure payments and store money without using their name or going through a bank. Again, anonymity. Cryptocurrencies use a distributed public ledger called blockchain, a record of all transactions updated and held by currency holders, in order to keep the faith and everything in check. Units of cryptocurrency (think of it like denominations of currency, just like dollars and cents) are created through a process called "mining," which uses complicated mathematical formulas to generate coins. Bitcoin was the first, then came a host of successors, including Ethereum, Ripple and Litecoin – all running off their own distributed ledger systems.
Cryptocurrencies, like Bitcoin and Ethereum, are a form of digital currency that's used to pay for a variety of goods and services. Its primary form is that of data, so it's used mostly in peer-to-peer online transactions.
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
http://digg.com/2017/why-and-how-to-invest-in-cryptocurrency
Congratulations @waystowealth! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOP