Cryptocurrency, also known as digital currency, is a medium of exchange using cryptography to secure the transactions and to control the creation of new units. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies. Bitcoin became the first decentralized cryptocurrency in 2009. Since then, numerous cryptocurrencies have been created. These are frequently called altcoins, as a blend of bitcoin alternative.[1][2] Cryptocurrencies use decentralized control as opposed to centralized electronic money/central banking systems.[3] The decentralized control is related to the use of bitcoin’s blockchain transaction database in the role of a distributed ledger.[4]
Section 1: Introduction
Cryptocurrency, and digital currencies in general, are a type of currency that relies on encryption to manage transactions and control the creation of new units. One of the most popular types of cryptocurrency is Bitcoin, which was created in 2009 by an unknown programmer or group of programmers under the alias Satoshi Nakamoto.
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Section 2: Types of cryptocurrencies
The two major types of cryptocurrencies are public and private. Public-key cryptography, as it applies to cryptocurrency, utilizes a system with two keys: a public key that can be openly shared and a private key that is known only to the owner. Private-key cryptography uses one key which both the sender and the recipient know but does not have to be publicly shared for people to verify transactions are coming from the rightful owner of an account or device.
Section 3: Cryptocurrency and blockchain
A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. Bitcoin, for example, was the first decentralized cryptocurrency that used blockchain technology to facilitate instant payments. The block chain serves as the public ledger that records and validates all transactions without the need for a bank or any other intermediary. Blockchains use cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency.
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Section 4: Blockchain technology
Blockchain technology has been making headlines in the past few years, and for good reason! Blockchain technology increases security, reduces transaction costs and simplifies record-keeping. These characteristics make it an attractive option for many industries.
Section 5: Investing in cryptocurrency
Investing in cryptocurrency might be the smartest decision you've ever made. If you're one of the many people who's always dreamed of being a millionaire, then this could be your ticket to living out that dream. Have you been thinking about investing in Bitcoin but don't know where to start?