What Is Cryptocurrency?

You’ve probably heard the word Cryptocurrency or Bitcoin around your area or on the Internet and I am here to further explain the definition of what it is, and where I think it will go towards.

So, a cryptocurrency is a digital or a virtual currency. It’s not a physical coin, It only exists virtually and it can not be traced by the government. Cryptocurrencies were created to give the people the right to control their own money, without really having to rely on a bank or a government watching them. Many cryptocurrencies are decentralized networks based on blockchain technology, basically, a technology distributed ledger that is enforced by a disparate network of computers. Cryptocurrencies aren’t either issued by any central authority, they are immune to government interference or manipulation.

Bitcoin

Bitcoin is the most valuable one, the most popular one, and the first cryptocurrency created. It was created by Satoshi Nakamoto (an unknown person). No one has been able to identify the person behind Bitcoin. It launched in 2009 and it has a circulating supply of 18.6 million bitcoins with a market cap reaching 1 trillion dollars. There are stories and catastrophic events such as the “Bitcoin Pizza Guy” who gave away 10,000 Bitcoin (500 million dollars) worth of Bitcoin to a pizza delivery guy which also was the first successful transaction between two parties. There is another guy who has over 200 million dollars worth of Bitcoins locked on a computer with only a few more attempts to retrieve his password back. The real reason why Bitcoin has gained such popularity is due to the unknown creator of Bitcoin. There hasn’t been an official announcement of who really is behind bitcoin.

I also want to note that every cryptocurrency is moved by Bitcoins action. If Bitcoin falls in price, every other coin will fall with it. If Bitcoin goes up in price, every other coin will follow the same movement. The whole crypto market is controlled by Bitcoin.

Altcoins

Altcoins are alternative coins to Bitcoin, they are the so-called overtakers. The most popular one is Ethereum with a value of 3000 dollars per Ethereum. These coins have better technology than Bitcoin. Bitcoin is old and outdated, and there are better projects than Bitcoin in the making.

I myself drive a blog about cryptocurrencies. I have been involved in it for three years now, and I recently started my blog about cryptocurrencies, to help others get better knowledge about the subject or just generally help and improve their trading & investing strategy.

Feel free to check out my blog at https://arcinect.com