From my last post, I mentioned that when we post on Steemit, it will reward us with cryptocurrency and I believe that some people are not really clear with what is cryptocurrency. So for today post, I am going to provide a brief explanation about it (If there is anything wrong, please correct me).
For cryptocurrency, it is actually internet-based virtual currencies that use cryptographical functions for conducting and processing secure payment transactions. Bitcoin was the first cryptocurrency, for which the source code was released in 2009. However, in Steemit, the cryptocurrency that we used is STEEM.
It is important to note that cryptocurrencies are not only affected by supply-and-demand, but are also influenced by major exogenous events such as economic shocks, government regulations, speculative activities, and technological updates. In other words, various factors may influence the long-term trend and short-term fluctuations of cryptocurrency prices across different timescales.