It’s been over 8 years and tens of billions of dollars since Bitcoin was created by a still unknown figure by the name Satoshi Nakamoto. Back then you and I and practically everyone else in the world thought it was just another geek idea that will only last in the geek universe, how wrong were we! The cryptocurrency industry which Bitcoin started is worth over $300 billion as of this month and it shows no sign of losing steam. If you are among those that is just waking up to its reality and want to know what all the fuss is about, this is CRYPTOCURRENCY 101
What is Cryptocurrency?
A Cryptocurrency is any digital currency that has been created solely based on the breathtaking blockchain technology, and whose aim is to provide every people with an alternative way of making payments between one another in a private, extremely fast and highly cost efficient manner to any destination on earth and all without ever resorting to the use of bank or payment providers like Visa and MasterCard.
What Makes Cryptocurrency Different From Fiat Money?
There are distinct feature that stand cryptocurrency out from any fiat currency. Apart from the fact that it strictly resides in the virtual realm, here are a few things that make cryptocurrencies unique from any paper money you and I know:
- Decentralization: All cryptocurrencies are decentralized in nature and have never been made or backed by any government in the world. They are totally a people’s currency as they are made, stored, sent and received only by the people. Cryptocurrency networks have no single point of failure as their computers are spread all over the world which guarantees their networks never experience downtimes.
- Anonymity: Cryptocurrencies are known for their big emphasis on the privacy of the user. Depending on which cryptocurrency you use, every transaction happens without needing the user’s name or personal IDs or emails. They are sent only via coded addresses between sender and recipient.
- Speedy Transactions: Cryptocurrencies are an extremely fast way of sending money, with speeds that you cannot find in any present banking service anywhere in the world. Right from their on-set with Bitcoin, cryptocurrencies have been designed to be faster than both Western Union and Money Gram, with many offering an almost instant transaction speed to which ever destination in the world
How Can I Save Cryptocurrency?
Cryptocurrencies don’t use banks, as they are only kept by the user in coded software known as Wallets. Each wallet has a unique coded address with which the user sends and receives money from any party they are dealing with.
How Can I Get Cryptocurrency?
There are two main ways for acquiring cryptocurrency; one is through “mining” Which is a complex and technicalit- intensive way of creating the cryptocurrency using massive computers and tons of energy. And the second method which is the most popular is by simply buying the cryptocurrency of your choice from a reputable cryptocurrency exchange near you.