Not so long ago the only people who knew about cryptocurrency were those who were involved in its creation and operations. These tech circles were closed to the averagproposale geek, let along the average person, and the concept of cryptocurrency was labeled as just another digital fad by economists and financial institutions.
Fast-forward 7 or 8 years, however and cyptocurrency has become integrated into business and popular culture. If you can’t tell your bitcoins from your blockchains this Idiots’ Guide will tell you everything you need to know.
Let’s start with answering some Frequently Asked Questions
What is cryptocurrency?
Cryptocurrency is essentially a digital asset, or currency. Each currency runs on a blockchain, which can be thought of as an open-source ledger (more about blockchains later). It is secure and anonymous and accessible to everyone with an internet connection.
Who invented it?
What is it for?
A cryptocurrency is a valid form of currency; it can be used to purchase goods and services and exchanged. Free of centralized control, like government legislation, cryptocurrencies often have minimal or no fees attached to them.
What is it worth?
Each cryptocurrency has its own value, a value that is determined by the network of people using it. The more frequently a type of cryptocurrency is used the greater its value.
What is Bitcoin?
Bitcoin is a type of cryptocurrency, the first to be invented and integrated into widespread use. There are approximately 17 million bitcoins in circulation around the world, and in March 2017 its value overtook that of an ounce of gold, a first for any digital currency. There are a finite number of bitcoins available, approximately 21 million, and the last coin is expected to be ‘mined’ in 2040.
Source/More: The Beginner’s Guide to Cryptocurrency – Money Inc