'Understanding Cryptocurrency - Part I - Basic Terminology ' cryptocurrency blockchain
Cryptocurrency is a form of currency that lives digitally or virtually and does not rely on banks for the verification of their transactions. Bitcoin is the first and most famous Cryptoccurrency among the others. There are numerous coins that you can look up to on various platforms like Market Cap, Nomics, Binance, etc. The first ever Cryptocurrent was Bitcoin which is the most well known coin. In a bull market, investors are willing to buy Crypto, but many part of the supply are less.
says Wikipedia, but let us understand it better and realistically. Just like other currencies have a regulating body, Cryptocurrency or Crypto has none. They are instead decentralized and controlled by people, lots of people. It is a form of currency that lives digitally or virtually and does not rely on banks for the verification of their transactions.
There’s a common question that pops into a lot of minds, why the name Cryptocurrency? This is because the transactions are verified through encryption which provides safety and security. The transmission and storing of Cryptocurrency data from digital wallets to public ledgers are done when massive coding is involved.
The first ever Cryptocurrency was Bitcoin which is the most well-known coin. Though this does not clear your doubts and confusion about Cryptocurrency. So, let us have a look at the few terminologies that will make you understand better Cryptocurrency and what it is.Bitcoin is the first and most famous Cryptocurrency among the others. People who are not very well versed in the subject of Cryptocurrency often mislead Bitcoin with the only Cryptocurrency that exists. This is not true.