Hello amazing steemians how are you today I hope all is fine as for me I'm perfectly fine by God's grace and mercies, today I will be taking part in the crypto quiz contest organize by @steemdoctor1
WHAT DO YOU UNDERSTAND ABOUT THE WORD 'CRYPTOCURTENCY'?
My understanding of the word cryptocurrency is that it is a digital currency that offers an alternative forms of payment with an encrypted algorithm. And the encryption technologies means that cryptocurrency can be used as both a currency 💲 and as a virtual accounting system.
WHAT NEW FEATURES ARE PRESENT IN CRYPTOCURRENCY WHICH ARE NOT PRESENT IN FIAT MONEY?
When talking of cryptocurrencies there are so many great and amazing features that are present and it which are not present in local fiat money and some of this features are;
The encryption process in cryptocurrency doesn't allow it's transaction to be tracked.
We only need a crypto wallet to be able to store our cryptocurrency unlike fiat money that can be stored in the bank
Cryptocurrencies are not physically currency like fiat money that we can touch and see.
Cryptocurrencies offer a good opportunity for earning passive income through the process called staking.
We can as well generate good amount of money from cryptocurrency from the comfort of our home through the process called trading, unlike fiat money that we can only earn if we invest in businesses.
WHEN WAS THE FIRST CRYPTOCURRENCY LAUNCHED AND WHO WAS THE MASTER MIND BEHIND IT?
The first cryptocurrency goes by the name Bitcoin which is now the most valuable cryptocurrency in the world and was founded and launch in January 2009 by a computer 💻 programmer or should I say a group of programmers under the pseudonym Satoshi Nakamoto, whose actual identity has never been verified till date.
And eversince then till date there have been thousands of new cryptocurrencies that have been launch and steem coin included.
The introduction of cryptocurrencies has really contributed in making life much easier for so many of us today as we bloggers have been given an opportunity to earn a nice passive income from it take steemit and hive blog for example.
This will be the end of my entry and I will like to invite
@robin42
@sachin08
@malikusman1