Contest Alert! The Crypto Quiz

abumair (54)Pakistan | Club100in Steem4Bloggers • 8 months ago (edited)

Assalam-o-Alaikum Everone

Hello steemians hope you are all doing well.
Today I want to participate in this contest which is organized here by this community by @steemdoctor1 which is a weekly task.

This weekend I will participate in this wonderful contest and I hope you all enjoy reading my entry post . Contest Alert! The Crypto Quiz this contest is a fantastic platform that plays a crucial role in our beautiful society.

What do you understand about the word 'Cryptocurtency'?

Cryptocurrency is digital money secured by cryptography. It operates without a central authority or government often using blockchain technology to record and verify transactions.

Source : pixabay

Cryptocurrency is like digital money. It is all about private transactions. No middleman is there in these transactions. You wont see physical money changing hands it is completely digital. Cryptocurrencies are not physical cash. You can use them to buy things but you can not carry them in your pocket. Keep in mind not all countries accept cryptocurrencies. cryptocurrency is not legalized yet in Pakistan .

Cryptocurrencies like Bitcoin and Ethereum have gained popularity. They are used for online transactions investments and transferring value across borders. Cryptos provide privacy and security due to their cryptographic and decentralized nature.
The cryptocurrency market is known for its ups and downs with prices changing rapidly. It has also sparked discussions about regulation security and the future of digital finance.

What new features are present in cryptocurrency which are not present in Fiat money?

Governments can control the value of their traditional money by printing more or changing interest rates. But cryptocurrencies value depends on the market going up and down.

Fiat is overseen by each countries central bank while cryptocurrency operates as a unique digital system. Cryptocurrency is a stand alone digital method of exchange without any involvement from a government. In contrast fiat is controlled by each countries government.

Digital currencies are often decentralized which means they are not controlled by a central authority like a government or a central bank. This decentralization can lead to more transparency and less risk of government involvement.

Many cryptocurrencies use blockchain technology, which is a decentralized and distributed ledger. This tech creates a clear and unchanging record of all transactions making them more secure and trustworthy.

Cryptocurrencies only exist in digital form. They dont have physical counterparts like paper bills or coins, which makes them highly versatile for online transactions.

Although not all cryptocurrencies are completely private some offer more privacy in transactions compared to traditional financial systems. This appeals to users who prioritize confidentiality in their financial dealings.

Source : pixabay

When was the first cryptocurrency launched and who was the master mind behind it?

The first cryptocurrency is Bitcoin and it was launched in January 2009. However the true identity of its creator who used the 'Nakamoto,' remains unknown to this day.

Satoshi Nakamoto published the Bitcoin whitepaper titled Bitcoin A peer to peer Electronic Cash System in October 2008 and began mining the first Bitcoin blocks in January 2009. Nakamoto continued to work on the Bitcoin software and the early development of the cryptocurrency before disappearing from public view in 2010.

The mystery around Satoshi Nakamotos true identity has sparked much speculation and discussion within the cryptocurrency community and beyond. Despite numerous claims and investigations the person or group behind the pseudonym remains anonymous.

Bitcoin has become a revolutionary and influential digital currency paving the way for the development of the broader cryptocurrency ecosystem.