What is Cryptocurrency?

Most of the people are interested to know about "What is Cryptocurrency". Today cryptocurrencies (Buy Crypto) have become a global phenomenon known to most people. It is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptocurrencies are a type of digital currencies, alternative currencies and virtual currencies.While still somehow geeky and not understood by most people, banks, governments and many companies are aware of its importance.Few people know, but cryptocurrencies emerged as a side product of another invention.

Satoshi Nakamoto, the unknown inventor of Bitcoin, the first and still most important cryptocurrency, never intended to invent a currency.In his announcement of Bitcoin in late 2008, Satoshi said he developed “A Peer-to-Peer Electronic Cash System.“ His goal was to invent something; many people failed to create before digital cash.

The single most important part of Satoshi‘s invention was that he found a way to build a decentralized digital cash system. In the nineties, there have been many attempts to create digital money, but they all failed.After seeing all the centralized attempts fail, Satoshi tried to build a digital cash system without a central entity. Like a Peer-to-Peer network for file sharing.This decision became the birth of crypto currency.

They are the missing piece Satoshi found to realize digital cash.Nobody did know until Satoshi emerged out of now here. In fact, nobody believed it was even possible.Satoshi proved it was. His major innovation was to achieve consensus without a central authority. Cryptocurrencies are a part of this solution – the part that made the solution thrilling, fascinating and helped it to roll over the world.

courtesy: https://blockgeeks.com/guides/what-is-cryptocurrency/

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