What is crypto ? Types of crypto;
What is crypto?
- Cryptocurrency
Cryptocurrencies are digital currencies that use cryptography to secure transactions, control user access, and verify transfers of value. Cryptocurrencies were invented in 2008, when Satoshi Nakamoto released the original paper describing the concept of blockchain technology. Since then, there have been hundreds of other cryptocurrencies created. These range from bitcoin, an early pioneer, to ethereum, a platform for creating decentralised apps. Some cryptocurrencies are designed to be deflationary, while others are inflationary. - Blockchain
Bitcoin is an innovative payment network and a new kind of money. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and issuing bitcoins is carried out collectively by the network. At its core, Bitcoin is an algorithm that enables a user to transfer a value from one party to another. The transferring parties are referred to as miners. Miners are responsible for processing transactions and securing the ledger through an elaborate cryptographic system. This is made possible by the fact that each miner is compensated for his or her efforts through newly issued bitcoins. That is why Bitcoin is sometimes called cryptocurrency. - Mining
Bitcoin is a digital currency that allows users to transfer value online without any central authority. It works through a peer-to-peer network called the blockchain. Users send bitcoin to each other via the internet. Each transaction is recorded in a public ledger called the blockchain. Miners compete to verify transactions and add them to the blockchain. Rewards are given to those who successfully complete the verification process.
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Different types of crypto currency.
Crypto Currency is a digital asset designed to work similarly to traditional currencies based on trust, but uses cryptography (rather than physical coins) to secure its transactions, thus making transfers difficult to counterfeit. Cryptocurrencies are decentralized and do not rely on any central authority to transfer funds. They can be used to send money over the Internet without going through a financial institution.
There are many different types of cryptocurrencies, including Bitcoin, Litecoin, Ethereum, Dash, Ripple, Dogecoin, Monero, Zcash, NEM, ByteCoin, etc.