Crypto currency explanation

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All civilisations independently employed forms of money - varying depending on geography and culture - and all of them, over time, voluntarily gravitated to better sounder mediums of exchange or stores of value. Gold remained the dominant form of money up until the Italian Renaissance from around when the one weakness in gold - the difficulty of transporting large amounts - was addressed with the introduction of Paper Notes, redeemable at a bank for the gold it represented.

This continued until , when US President Richard Nixon changed the rules, allowing governments to create money without any mechanism for converting it into an equivalent amount of gold. Of course we now know that this breaks one of our golden rules of sound money - scarcity.

The new system instead requires us to simply trust our governments to decide how much money should be created and for what purpose. This is known as Fiat Money , which literally means - this is money because the government says its money. In retrospect we should have known that the combination of trust, government and money would end badly. The reason scarcity matters is that creating more money known as increasing the money supply makes the money you might have saved worth less; this is called inflation.

In countries that totally lose control of their money you get hyperinflation, when your money is worth nothing. Instead of a central authority, cryptocurrency monetary systems instead rely entirely on maths - more specifically, on a branch of maths called cryptography. The first and most important cryptocurrency is Bitcoin.

Bitcoin was the first cryptocurrency to find a successful solution that ticks all the boxes of sound money with none of the risks of a single controlling authority. This is what the term decentralised means. These users also known as Nodes are incentivised to support the network and maintain its accuracy.

The use of cryptography secures transactions against fraud and theft, while allowing anyone to mathematically verify the correctness of all transactions in the system. If you try to double-spend your coins, only one of the transactions will go through - any others will fail;. So when you want to send 0. Unlike national currencies, Bitcoin is a global money system, recognising no borders.

It can be exchanged nearly instantly, at any time. When the Bitcoin system launched, its currency, bitcoin, was pretty much worthless. Celebrated each year as Bitcoin Pizza Day. Clearly belief in the Bitcoin system has grown dramatically as people go on the journey you are now taking, learning about sound money.

But is anyone using it as money? Yes, there are over 1 million active Bitcoin addresses users particularly those suffering from the hyperinflation mentioned earlier, which constantly reduces the purchasing power of their existing money and those looking for a strong store of value. We explain how to measure Bitcoin adoption in a later article. The final frontier for bitcoin is volatility. Even though its price and popularity are increasing, it is still susceptible to big swings in value because in truth Bitcoin is still in its infancy, so congratulations, you are early to the party.

Home Knowledge base Crypto Basics What is cryptocurrency? Back to step Selection. TLDR 30 sec read. Instead of being paid in virtual coins, the stakeholder earns the transaction fees tied to that block of transactions. The interesting thing is that blockchain has the opportunity to be public or private. As you might imagine, a private blockchain would appeal most to businesses, while public blockchains are most appealing to consumers who might want to use their virtual currency to buy goods or services, or to cryptocurrency investors.

A private blockchain, just as it sounds, allows a business to place restrictions on who has access to data, and who can make transactions on the network. Meanwhile, public blockchains allow anyone to join and participate. Bitcoin is an example of a public blockchain. The answer to this is, "it depends. There is, however, a group of cryptocurrencies known " privacy coins " that have a sole purpose of beefing up the anonymity and privacy of a transaction. They use specialized protocols to help hide the identity of the sender of a payment.

Monero and Dash are examples of coins that belong to this specialized group. As noted, digital currencies are what investors are buying. This happens to be one of the biggest differences between cryptocurrencies and traditional investments, like stocks. If you buy stock in a publicly traded company, you own a fractional percentage of that business.

So, what do the virtual coins do exactly? In many instances, the coins are required to pay for transactions fees on a blockchain. Ethereum, which is one of the largest cryptocurrencies by market cap behind bitcoin, requires users of its blockchain to pay transaction fees in its coin, known as Ether.

But there are other potential applications. Imagine that a customer in Japan wants to make a payment to a business in the U. All of this could theoretically be done instantly, or at the very least considerably faster than traditional banks and hopefully for a lower cost. These include:. Not all cryptocurrencies have a coin that has a clear-cut use or enhances the value of its underlying blockchain.

This is why valuing cryptocurrencies often proves difficult. First, retail investors i. Retail investors tend to be more reliant on their emotions relative to institutional investors, leading to moves that tend to overshoot to the upside, and downside.

Among traditional equities, like the stock market, an investor has the opportunity to buy, sell, and even bet against an equity. Money can be made if an equity moves up or down. With nearly all cryptocurrencies, except bitcoin, buying or selling is the only option. There is no way to make money if a cryptocurrency goes down, which naturally tends to incentivize buying. Why do we invest this way? Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of Discounted offers are only available to new members.

Calculated by Time-Weighted Return since Volatility profiles based on trailing-three-year calculations of the standard deviation of service investment returns as of January 1, Invest better with the Motley Fool. Investing Best Accounts. Stock Market Basics. Stock Market. Industries to Invest In. Getting Started. Planning for Retirement. Retired: What Now? Personal Finance. Credit Cards.

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For example, think about how long it can take for a bank to settle a cross-border payment, or how financial institutions have been reaping the rewards of fees by acting as a third-party middleman during transactions. Cryptocurrencies work around the traditional financial system through the use of blockchain technology. Blockchain is the digital ledger where all transactions involving a virtual currency are stored. The same goes for other cryptocurrencies.

Think of blockchain technology as the infrastructure that underlies virtual coins. Blockchain offers a number of potential advantages , but is designed to cure three major problems with the current money transmittance system. First, blockchain technology is decentralized. Instead, data from this digital ledger is stored on hard drives and servers all over the globe. The reason this is done is twofold: 1.

Since no third-party bank is needed to oversee these transactions, the thought is that transaction fees might be lower than they currently are. Finally, transactions on blockchain networks may have the opportunity to settle considerably faster than traditional networks. And, as noted, cross-border transactions can be held for days while funds are verified.

With blockchain, this verification of transactions is always ongoing, which means the opportunity to settle transactions much more quickly, or perhaps even instantly. You might be wondering how these blockchain transactions are verified. Often this verification falls onto a group of folks known as "miners. Cryptocurrency miners are nothing more than people with high-powered computers who are competing against other people with high-powered computers to solve complex math equations. These equations are a product of the encryption designed to protect transaction data on the digital ledger.

The first miner to solve these equations, and in the process verify transactions on the ledger, gets a reward, which is known as a "block reward. This process is referred to as "proof of work. The only other major verification process in place is known as "proof of stake. In essence, the more you own, the better chance you have of getting to verify transactions.

With proof of stake, there is no competition among your peers and no excessive energy usage while solving complex equations, which can make it much more cost-effective. The proof of stake model also rewards those folks who verify transactions differently. Instead of being paid in virtual coins, the stakeholder earns the transaction fees tied to that block of transactions. The interesting thing is that blockchain has the opportunity to be public or private. As you might imagine, a private blockchain would appeal most to businesses, while public blockchains are most appealing to consumers who might want to use their virtual currency to buy goods or services, or to cryptocurrency investors.

A private blockchain, just as it sounds, allows a business to place restrictions on who has access to data, and who can make transactions on the network. Meanwhile, public blockchains allow anyone to join and participate. Bitcoin is an example of a public blockchain.

The answer to this is, "it depends. There is, however, a group of cryptocurrencies known " privacy coins " that have a sole purpose of beefing up the anonymity and privacy of a transaction. They use specialized protocols to help hide the identity of the sender of a payment. Monero and Dash are examples of coins that belong to this specialized group.

As noted, digital currencies are what investors are buying. This happens to be one of the biggest differences between cryptocurrencies and traditional investments, like stocks. If you buy stock in a publicly traded company, you own a fractional percentage of that business. So, what do the virtual coins do exactly? In many instances, the coins are required to pay for transactions fees on a blockchain.

Ethereum, which is one of the largest cryptocurrencies by market cap behind bitcoin, requires users of its blockchain to pay transaction fees in its coin, known as Ether. But there are other potential applications. Imagine that a customer in Japan wants to make a payment to a business in the U. All of this could theoretically be done instantly, or at the very least considerably faster than traditional banks and hopefully for a lower cost.

These include:. Not all cryptocurrencies have a coin that has a clear-cut use or enhances the value of its underlying blockchain. Below is a list of six things that every cryptocurrency must be in order for it to be called a cryptocurrency;. Next, I want to tell you when cryptocurrency was created and why. Looking for more in-depth information on related topics? We have gathered similar articles for you to spare your time.

Take a look! Cryptocurrency trading: how to trade cryptocurrency? Follow this guide and find out how cryptocurrency trading works and how to start. Interested in how to buy Ethereum with credit card? Take a look at this guide that explains different ways of how to buy Ethereum with credit card! Kraken VS Coinbase - which crypto exchange is better?

Read the comparison, and find out for yourself! In the early s, most people were still struggling to understand the internet. However, there were some very clever folks who had already realized what a powerful tool it is. Some of these clever folks, called cypherpunks , thought that governments and corporations had too much power over our lives.

They wanted to use the internet to give the people of the world more freely. Using cryptography, cypherpunks wanted to allow users of the internet to have more control over their money and information. At the top of the cypherpunks, the to-do list was digital cash. DigiCash and Cybercash were both attempts to create a digital money system. They both had some of the six things needed to be cryptocurrencies but neither had all of them. By the end of the the nineties, both had failed.

The world would have to wait until before the first fully decentralized digital cash system was created. Its creator had seen the failure of the cypherpunks and thought that they could do better. Their name was Satoshi Nakamoto and their creation was called Bitcoin.

No one knows who Satoshi Nakamoto is. It could be a man, a woman or even a group of people. Satoshi Nakamoto only ever spoke on crypto forums and through emails. In late , Nakamoto published the Bitcoin whitepaper. This was a description of what Bitcoin is and how it works.

It became the model for how other cryptocurrencies were designed in the future. On January 12, , Satoshi Nakamoto made the first Bitcoin transaction. By , Satoshi Nakamoto was gone. Bitcoin became more popular amongst users who saw how important it could become. Today, the price of a single Bitcoin is 7, Which is still a pretty good return, right? In , a programmer bought two pizzas for 10, BTC in one of the first real-world bitcoin transactions. So, Bitcoin has succeeded where other digital cash systems failed.

But why? What is cryptocurrency doing differently? The thing that makes cryptocurrency different from fiat currencies and other attempts at digital cash is blockchain technology. All cryptocurrencies use distributed ledger technology DLT to remove third parties from their systems. DLTs are shared databases where transaction information is recorded. The DLT that most cryptocurrencies use is called blockchain technology. The first blockchain was designed by Satoshi Nakamoto for Bitcoin.

A blockchain is a database of every transaction that has ever happened using a particular cryptocurrency. Groups of information called blocks are added to the database one by one and form a very long list. So, a blockchain is a linear chain of blocks! It stays on the blockchain forever and everyone can see it.

The whole database is stored on a network of thousands of computers called nodes. New information can only be added to the blockchain if more than half of the nodes agree that it is valid and correct. This is called consensus. The idea of consensus is one of the big differences between cryptocurrency and normal banking. At a normal bank, transaction data is stored inside the bank. Bank staff makes sure that no invalid transactions are made.

This is called verification. Unfortunately, George only has 10 USD in his account. They stop the transaction from happening. The bank stopped George from double spending which is a kind of fraud. Banks spend millions of dollars to stop double spending from happening. What is cryptocurrency doing about double spending and how do cryptocurrencies verify transactions? Cryptocurrency transactions are verified in a process called mining.

So, what is cryptocurrency mining and how does it work? Miners are nodes that perform a special task that makes transactions possible. Mining cryptocurrency uses a lot of computer power, so miners are rewarded for the work they do. On the Bitcoin network, miners who confirm new blocks of information are rewarded with Instead of mining for gold or coal crypto, miners are digging for new Bitcoin!

It stops double spending without the need to trust centralized accounting as banks do. They are secured by math done by computers! For more information, check out my Blockchain Explained guide. Now you know how blockchains and crypto mining work.

Cryptocurrency only exists on the blockchain. Users access their cryptocurrency using codes called public and private keys. If you want someone to send you an email, you tell them your email address. Well, if you want someone to send you cryptocurrency, you tell them your public key. Now, if you want to read your emails or send an email, you need to enter your email password.

This is how private keys work. Private keys are like passwords for cryptocurrency. Public keys can be seen by anyone, but private keys should only be seen by you. Private and public keys are kept in wallets. Crypto wallets can be online, offline, software, hardware or even paper. Some can be downloaded for free or are hosted by websites. Others are more expensive. For example, hardware wallets can cost around a hundred US Dollars.

You should use several different kinds of wallets when you use cryptocurrency. Cryptocurrency is pseudonymous, remember? There is no way to prove your own cryptocurrency unless you have the keys to it. Bitcoin changed the way people think about money. Hundreds of other cryptocurrencies have been created since and they all want to change the world!

Ethereum has quickly skyrocketed in value since its introduction in , and it is now the 2nd most valuable cryptocurrency by market cap. Would you like to know more about Ethereum? Check out my What is Ethereum guide. They can do all kinds of cool things.