Crypto Currency Information
What is crypto currency?
Cryptocurrencies are generally viewed as a distinct asset class in practice.
Crypto currency is a digital asset which was created to work as a medium of exchange. Secure online transactions.
Crypto’s are decentralised in direct opposition to traditional central banking systems ( electronic money ).
Crypto currency works through a blockchain, cryptos work through a blockchain.
Each company has different use cases for their token. Cryptocurrency does not exist in physical form (like paper money) and is typically not issued by a central authority. Cryptocurrencies typically are decentralised as opposed to normal bank protocols. Traditional asset classes like currencies, stocks, shares, commodities are more stabilised to crypto currencies currently.
A cryptocurrency is a tradable digital asset or digital form of money, built on blockchain technology that only exists online. Cryptocurrencies use encryption to authenticate and protect transactions, hence their name.
Bitcoin was created back in 2009. First ever transaction was 10,000 Bitcoins to buy a pizza!
Now, Bitcoin is worth more than Gold. More transactions per day than Paypal.
There are numerous crypto currencies being launched daily, commonly known as altcoins. There are over 20,000 different cryptocurrencies and market cap for all cryptos has well passed $1 trillion !
Bitcoin is so expensive as there is a market cap of 21 million coins. Bitcoin has reached highs of $60,000 per coin. Bitcoin can be bought for little as $10 for example 0.000001BTC
Bitcoin was first generation cryptocurrency.
Etheruem is second generation.
Third Generation cryptocurrencies to name a few which are smart contract platforms-
ADA – Cardano
SOL – Solana
DOT – Polkadot
AVAX – Avalanche
BNB – Binance Coin
Crypto is becoming more mainstream week by week and with evolution of blockchain, cryptocurrencies are becoming an easy way to pay for any items.