Have you heard about cryptocurrency? Do you know what cryptocurrency is? In simple terms, cryptocurrency is a currency in the blockchain. Every country has its own currency, such as Rupiah, US Dollar, Yen, etc. Same as blockchain, every blockchain has its own currency, including BTC, ETH, NEAR, etc.
Some people think cryptocurrency has no difference from other digital money, but it is wrong. In this article, we will talk about cryptocurrency deeper to know more about cryptocurrency.
What is Cryptocurrency?
Cryptocurrency is like digital money that lives inside computers. Just like how you use physical coins and bills to buy things, cryptocurrency is used to make online purchases or trade with other people. But instead of holding it in your hand, you keep it in a special digital wallet on your computer or phone.
Cryptocurrencies work on blockchain technology as a giant digital ledger, like a notebook, that records of all the transactions. When someone buys or sells something using cryptocurrency, it gets written down in the notebook. This notebook is shared with lots of computers worldwide so everyone can see and verify the transactions. Some people use special computers called "miners" to help verify the transactions in the cryptocurrency network. Miners are like detectives who make sure everything is fair and secure.
What makes cryptocurrency special and different from any other digital money is that any bank or government does not control it. Instead, it's managed by a network of computers all working together. This means that nobody can just make more cryptocurrency whenever they want. There's a limited amount, just like a treasure that can't be endlessly found. This makes it different from regular money, which the government can print.
The first and most famous cryptocurrency is called Bitcoin. It was created in 2009 by a person (or a group) named Satoshi Nakamoto, but nobody knows their real identity until now. These days, because blockchain is more popular, there are more than 22.000 cryptocurrencies circulating on the internet.
How Can Cryptocurrency Be Used?
Cryptocurrency can be used in different ways. Some people use it as an investment, hoping its value increases. Others use it to make online purchases or send money to friends and family around the world quickly and securely. Some businesses even accept cryptocurrency as a form of payment. Cryptocurrency also can be used as an asset because it is not always a coin; it can be an NFT that you can keep or sell to the others.
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