What Exactly is Cryptocurrency?
Cryptocurrency is the latest invention of the Digital Era we are living in. Everyday we hear or learn about some new invention or creation that blows our mind. Science has really made it possible for us to make the impossible or the unimaginable into a reality. Cryptocurrency is the perfect example of that.
The Second World War saw the need for secure communication rise immensely. The risk of government interference or third party influence made our day-to-day transactions insecure. People in the nineties started trying to come up with a way to create digital money that was secure but they never could quite figure it out. Until Satoshi Nakamoto that is. His name may not sound familiar but his invention, Bitcoin, is one of the greatest in this decade.
Satoshi Nakamoto set out to invent a digital cash system that was based on a peer-to-peer network. He figured out to create a currency that was decentralized and had no central authority that would keep track of transactions. Cryptocurrency is digital money that is based on computer code and pure mathematics.
The code is so flawless and free of any human errors that after a transaction has been made, it is set in stone. The cryptography makes sure that it is secure because of the code that is impossible to crack. It makes transactions and payments highly secure and anonymous.
However, this latest invention has got people confused because they do not understand the mechanics behind it. This confusion is due to the lack of awareness and knowledge about cryptocurrency. But cryptocurrency like Bitcoin, Ethereum, Ripple and Litecoin are basically a very secure way to perform transactions and make payments. It is just the next natural and logical step into the Digital Age and something that does not seem like it is going away any time soon.