Cryptocurrency is an interned ground medium of exchange for financial transactions which is being operated cryptographically. It is powered by blockchains technology for the advantage of transparency and decentralization. it is usually created by crypto miners. These currencies can be used online for exchanging goods, invest, and can be used for services.
Satoshi Nakamoto which is a presumed name by a person or group of unknown programmers made an announcement in 2009 on Sourceforge for inventing the very first cryptocurrency Bitcoin, the goal was to invent something different to succeed in creating a system in which many people were failed to build it for digital cash.
- Cryptocurrencies are irreversible, which means if someone did conform the transaction he can’t reverse this operation, actually, nobody can, once it conformed then it’s done.
- These currencies are Unidentified, this means the transaction by this system is not known by any agency of the real-world.
- Transactions via this system is so fast and it can be done worldwide.
- Illegal in some of the countries but it is based on their usage by the individuals.
- It’s also a good opportunity for scammers and hackers to get paid.
What are the most popular cryptocurrencies?
Bitcoin is The most popular and known cryptocurrency on the top of the list, Bitcoin is invented by Satoshi Nakamoto, the unknown inventor of this currency, in fact, it was the first cryptocurrency ever which is been created, in Nakamoto’s announcement of Bitcoin in late 2008, Satoshi developed “A Peer-to-Peer Electronic Cash System in which the goal was to invent something great many people failed to create before digital cash.
There are more than 6,700 cryptocurrencies that are being traded publicly according to CoinMarketCap.com (this is a website which researches on market). More popular currencies are; Ethereum, Tether, XRP, Ripple, latecoin, Monero, Ethereum Classic, Dash, Augur, and more.
About the feature of cryptocurrencies
Bill Gates, co-founder of Microsoft=>“Bitcoin is exciting because it shows how cheap it can be. -Bitcoin is better than currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient.” [VIEW SOURCE].
Eric Schmidt, executive chairman of Google said=> “[Bitcoin] is a remarkable cryptographic achievement… The ability to create something which is not duplicable in the digital world has enormous value…a lot of people will build businesses on top of that.” [VIEW SOURCE].
Peter Thiel, co-founder of PayPal on bitcoin=> “PayPal had these goals of creating a new currency. We failed at that, and we just created a new payment system. I think Bitcoin has succeeded on the level of a new currency, but the payment system is somewhat lacking. It’s very hard to use, and that’s the big challenge on the Bitcoin side.” [VIEW SOURCE].
Al Gore, prior Vice President of the United States on bitcoin=> “When Bitcoin currency is converted from currency into cash, that interface has to remain under some regulatory safeguards. I think the fact that within the Bitcoin universe an algorithm replaces the function of the government … [that] is actually pretty cool.” [VIEW SOURCE].