Understanding the Cryptocurrency

Cryptocurrency is a medium of exchange that uses cryptography, designed to secure financial transactions, control addition of data and verify transfers of assets. It is a decentralised digital money, transferred in a peer-to-peer fashion and is confirmed through a public ledger via the process of mining. Mining, or cryptomining is the process of verifying and adding said transactions of cryptocurrencies in a blockchain digital ledger.

The first ever cryptocurrency is also the most famous one—Bitcoin. Bitcoin is created with blockchain technology by Satoshi Nakamoto, a pseudonymous developer, in 2009. After the Bitcoin, a lot of other cryptocurrencies were created such as Ethereum, Ripple, Dogecoin, Litecoin and many more. Countless transactions have also been made since the creation of these digital money. These cryptocurrencies have also been used in different types and forms of transactions. For instance, blockchain games are created for entertainment and they use cryptocurrencies to function. Cryptodice, for example, is currently the leading blockchain game in DAppsite, a website made solely for the purpose of showcasing blockchain games.

Cryptocurrency will still continue to change. And with its propitious capability, it’s no wonder that cryptocurrencies will receive more patronage especially from big investors in the future.

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