What Is A Cryptocurrency ?

A cryptocurrency is a digital currency, an alternative form of payment created using encryption algorithms. The use of encryption technologies means that cryptocurrencies function both as a currency and as a virtual accounting system.

History Of The Cryptocurrencies

The first cryptocurrency was Bitcoin, created in 2009 by an anonymous computer programmer or a group of programmers known as Satoshi Nakamoto. Satoshi Nakamoto was concerned that traditional currencies were too dependent on the trustworthiness of banks or governments to function properly.

Bitcoin is based on public key cryptography, where users have a publicly visible public key and a private key known only to their computers. In a Bitcoin transaction, users who receive Bitcoin send their public keys to users who transfer Bitcoin. Users transferring coins sign with their private keys and the transaction is then transferred through the Bitcoin network. To ensure that no Bitcoin is spent more than once at a time, the time and amount of each transaction is recorded in a ledger file located at each node of the network. Users' identities remain relatively anonymous, but anyone can see when specific Bitcoins were transferred.

Transactions are grouped into groups called blocks. Blocks are arranged in a chronological order called blockchain. Blocks are added to the chain using a mathematical process that makes it extremely difficult for an individual user to take over the blockchain. The blockchain technology underpinning Bitcoin has attracted a lot of attention, even from Bitcoin skeptics, as the basis for keeping reliable records and allowing trade without a central authority. Blockchain technology is also critical for NFTs (non-fungible tokens), which are often paid for with cryptocurrency.

Is Paying With Cryptocurrencies Secure ?

Paying with cryptocurrencies is one of the securest ways. You do not need to share any information of yours. No more stolen card and bank informations. Any transaction would be completed in a day or less.

Any Suggested Cryptocurrency Platform ?

We suggest Binance for the greatest experience.