Cryptocurrency
Cryptocurrency
What are Cryptocurrencies?
What are Cryptocurrencies?
Cryptocurrencies are digital currencies managed and controlled by blockchain technology. The world’s first cryptocurrency was Bitcoin, which was created in 2009 by a mysterious developer, or group of developers, known as Satoshi Nakamoto. Following the creation of Bitcoin, many other cryptos have since emerged.
A cryptocurrency is a digital medium of exchange and uses encryption to control and verify online transactions. The use of encryption is significant because cryptocurrencies would not exist without it, as it guarantees the security and anonymity of the system.
Blockchain technology is a decentralised ledger of all transactions, within which participants can conduct their exchanges anonymously. The technology has applications beyond financial transactions as it has been tried and tested for voting, monitoring supply chains, digital IDs, in retail loyalty rewards programs, data sharing, copyright, real estate, food safety, tax regulation and many others.
Cryptocurrencies are digital currencies managed and controlled by blockchain technology. The world’s first cryptocurrency was Bitcoin, which was created in 2009 by a mysterious developer, or group of developers, known as Satoshi Nakamoto. Following the creation of Bitcoin, many other cryptos have since emerged.
A cryptocurrency is a digital medium of exchange and uses encryption to control and verify online transactions. The use of encryption is significant because cryptocurrencies would not exist without it, as it guarantees the security and anonymity of the system.
Blockchain technology is a decentralised ledger of all transactions, within which participants can conduct their exchanges anonymously. The technology has applications beyond financial transactions as it has been tried and tested for voting, monitoring supply chains, digital IDs, in retail loyalty rewards programs, data sharing, copyright, real estate, food safety, tax regulation and many others.
Main Types of Cryptos
Bitcoin might have been the first blockchain ever created, but it was not the last, as many others after it were created. These are known as altcoins. Litecoin, Ethereum, and Cardano are examples of altcoins. The other group of cryptocurrencies to have been developed is the tokens/dApps. These include:
EOS
(EOS)
VeChain Thor
(VET & THOR)
Tron
(TRX)
OmiseGO
(OMG)
& many
others
Main Types of Cryptos
EOS
(EOS)
VeChain Thor
(VET & THOR)
Tron
(TRX)
OmiseGO
(OMG)
& many others
How Do Cryptocurrencies Work?
Cryptocurrencies run on the blockchain, which is decentralised and not regulated by any centralised authority, such as a banking institution. In other words, the blockchain is a distributed ledger dispersed across multiple computers from around the world and is run by anyone with an Internet connection. Data is added and updated in real-time via consensus of the different nodes running the software in the network.
When it comes to bitcoin, it is easy to imagine each Bitcoin as a computer file which is stored in a digital wallet app on a smartphone or computer. People can send and receive Bitcoins through their digital wallets, while every single transaction they make is on a public list, the blockchain, and everyone can see the balance and all transactions of any address. Transactions are not only public, but also traceable, and permanently stored in the Bitcoin network.
How Do
Cryptocurrencies
Work?
Cryptocurrencies run on the blockchain, which is decentralised and not regulated by any centralised authority, such as a banking institution. In other words, the blockchain is a distributed ledger dispersed across multiple computers from around the world and is run by anyone with an Internet connection. Data is added and updated in real-time via consensus of the different nodes running the software in the network.
When it comes to bitcoin, it is easy to imagine each Bitcoin as a computer file which is stored in a digital wallet app on a smartphone or computer. People can send and receive Bitcoins through their digital wallets, while every single transaction they make is on a public list, the blockchain, and everyone can see the balance and all transactions of any address. Transactions are not only public, but also traceable, and permanently stored in the Bitcoin network.
Verifying Transactions & Blockchain
Verifying
Transactions
& Blockchain
Popular cryptocurrency exchanges include:
If you want to buy cryptocurrencies such as Bitcoin, you first need to go to a major cryptocurrency exchange.
Popular cryptocurrency exchanges include:
Binance
Upbit
Huobi
Binance
Upbit
Huobi
If you decide to spend your cryptos, this means the transaction would have to be verified and recorded on the blockchain. Cryptocurrency Miners verify the transactions and add them to the public ledger. To become a miner, you need to run a powerful computer and to solve complex math problems, and add a block to the ledger, also known as the “proof-of-work system.” After adding a block to the ledger, the miner is rewarded with Bitcoin or the specific cryptocurrency.
If you decide to spend your cryptos, this means the transaction would have to be verified and recorded on the blockchain. Cryptocurrency Miners verify the transactions and add them to the public ledger. To become a miner, you need to run a powerful computer and to solve complex math problems, and add a block to the ledger, also known as the “proof-of-work system.” After adding a block to the ledger, the miner is rewarded with Bitcoin or the specific cryptocurrency.
Cryptocurrency Market
According to CoinMarketCap, the total number of cryptocurrencies is 6,955 with a total market cap of $324.716 billion (as of September 9, 2020). On the other hand, Coinlore lists a total of 4,621 cryptocurrencies. It appears that there might be more than 4,928 cryptos in the market but it is definitively not clear how many are in existence today.
Cryptocurrency
Market
According to CoinMarketCap, the total number of cryptocurrencies is 6,955 with a total market cap of $324.716 billion (as of September 9, 2020). On the other hand, Coinlore lists a total of 4,621 cryptocurrencies. It appears that there might be more than 4,928 cryptos in the market but it is definitively not clear how many are in existence today.
Crypto News
At FXStreetLive we make sure to cover all news on cryptocurrencies.Cryptocurrencies have become very popular and everyone is interested in them, including many celebrities who have invested in them. Snoop Dogg, Paris Hilton, Bill Gates, Elon Musk and famous rappers, such as 50 Cent.
“People don’t really understand a currency based on numerical equations. I personally still don’t … but I’m grateful to be a part of the revolution and hoping that my participation in this space will lead to more conversations and help increase knowledge and awareness.”
Mike Tyson
We will continue covering all news about cryptos as interest and awareness in cryptocurrencies continues to grow. It remains to be seen whether it will eventually become a mainstream form of financial transaction.
Crypto News
At FXStreetLive we make sure to cover all news on cryptocurrencies. Cryptocurrencies have become very popular and everyone is interested in them, including many celebrities who have invested in them. Snoop Dogg, Paris Hilton, Bill Gates, Elon Musk and famous rappers, such as 50 Cent.
“People don’t really understand a currency based on numerical equations. I personally still don’t … but I’m grateful to be a part of the revolution and hoping that my participation in this space will lead to more conversations and help increase knowledge and awareness.”
Mike Tyson
We will continue covering all news about cryptos as interest and awareness in cryptocurrencies continues to grow. It remains to be seen whether it will eventually become a mainstream form of financial transaction.
