Intoduction
So you are new to crypto and dont know what is cryptocurrency like everyone in today life talking everywhere about crypto if you dont know what it is then dont worry i got you in this article I will tell you everything about cryptocurrency like what it is and how it works we will break down everything in easy steps so you can understand better. Topics
- What is cryptocurrency
- History of cryptocurrency
- What is its purpose
What is cryptocurrency
Cryptocurrency is the future,a nd this is a type of digital currency that exists online and is controlled by a special technology known as Blockchain Technology.
In the real world our money is controlled by banks but in crypto world the money is controlled by its owner there is no third-party source there are only two persons a sender and a reciever but in real life in modern days people use banks to send money soin this way bank came in as a third-party source cryptocurrency is made just for fast transactions and peer to peer contract.Peer-to-peer contracts mean no third-party source between two parties or persons
History of cryptocurrency
In October 2008, a person named Satoshi Nakamoto published a whitepaper titled Bitcoin
It says that Bitcoin will be the one currency in which people can send their cash without using a bank
In 2009, the first block of Bitcoin was mined. Now, what do I mean by mined? Isn't it confusing that mine a digital currency?
In crypto mining, it means solving complex mathematics that cannot be done by ordinary humans; these are solved by computers It doesn't mean digging the ground
In 2010, a person named Laszlo Hanyecz bought two pizzas for 10000 BTC, which is worth 500 million dollars today This proved that crypto could be used as money.
In 2015, Ethereum came up and brought advanced technology with it known as Smart Contracts
Smart Contracts — self-running programs on the blockchain
Smart Contracts allowed developers to create apps like NTF protocol and much more
What is its purpose
Cryptocurrency was created to solve real problems in the traditional financial system
The purpose of cryptocurrency is to remove the middleman (Banks), so by using crypto, you don't need anyone to send your money
Benefits:
- Highly secured
- No fees
- Fast Transaction
By using crypto the money is in your hands not in your bank's hand you are controlling your own money The cryptocurrency is limited in this world it is not like real money that can be printed endless times for example Bitcoin has a supply of 21 million tokens Crypto currency created a new technology Web3 so you can create many things like decentralized apps, games etc
Final Talk
I hope you understand crypto by reading this article you can drop off a comment if you have any questions about crypto I will reply you my final advice to you is that crypto is growing very rapidly in this world if you enter in this field now you can easily settle your life by this amazing technology