A Simple Guide to Understanding Cryptocurrency

The cryptocurrency market has grown. It has gone far compared to its status when it was just starting way back 2009. According to the updated list of
Investing.com , there are 1,890 cryptocurrencies available in the market.
By now, you’re probably wondering what those cryptocurrencies are. Guess what?
If that’s the case, then this article is for you. This will give you a better understanding of cryptocurrency and the following:
The main types of cryptocurrency
The top cryptocurrencies and their differences
Pros and cons of each cryptocurrency
What is Cryptocurrency?
The prefix “crypto-” originally stands for cryptography. It is a technology that stores information to keep attackers away from malicious undertakings.
If you will connect cryptography to your history class, Allied Forces in WWII used to apply it to send and receive confidential and secret messages. Nowadays, computer technicians utilize cryptography in a lot of different ways. One of them gave birth to cryptocurrency.
You can’t examine the history of cryptocurrency without first beginning with blockchain. It was started by Satoshi Nakamoto for Peer-to-Peer (P2P) transaction using Bitcoin. Blockchain gave the response to digital trust since it records imperative data publicly and doesn’t enable anybody to expel it. It’s transparent, time-stamped, and decentralized. Everyone can access it with the use of the internet.
With cryptocurrency, people don’t have to entrust their wealth to a single company such as a bank to handle their money. Banks are centralized while cryptocurrency is decentralized and runs by blockchain technology. Blockchain serves as a public ledger which enables tracking transactions while maintaining the anonymity of the parties involved.
Three Main Types of Cryptocurrency
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May 15, 2018 1. Bitcoin
It is the first one to use blockchain in 2009. A person under the pseudonym Satoshi Nakamoto started it as a way to digitally and anonymously pay for goods and services between two parties without the use of third-parties to verify transactions. Several years passed, Bitcoin’s primary role is for goods and services trading. In 2013 to 2014, it boomed. It slowed down its pace and soared up again in 2017 until today. Bitcoin is the most well-known cryptocurrency made in history.
Altcoin
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