Cryptocurrency is a digital or virtual currency that uses cryptography for security. It operates independently of a central bank or government and is usually decentralized, meaning it is based on a distributed ledger technology, such as blockchain, which maintains a continuously growing list of transaction records called blocks.
Cryptocurrencies typically use a decentralized system to verify and process transactions and to control the supply of new units. Some popular examples of cryptocurrencies include Bitcoin, Ethereum, and Litecoin, among others.
WHAT IS BITCOIN?
Bitcoin is a widely used and well-known cryptocurrency that is essential to the Bitcoin blockchain network. Investors and traders typically refer to Bitcoin by its ticker symbol, BTC. People use Bitcoin to store and transmit value among participants in the network, regardless
of their location. The number of bitcoins issued is capped at 21 million to maintain scarcity, and it's expected that the final bitcoin will be mined in 2140 through the process of solving math puzzles known as cryptocurrency mining.
The identity of Bitcoin's creator remains a mystery. The creator goes by the pseudonym Satoshi Nakamoto, which may refer to an individual or a group of people. In October 2008, Satoshi published the Bitcoin whitepaper and was active on online forums with early Bitcoin enthusiasts. However, in April 2011, Satoshi announced their departure and has not been heard from since.
WHAT IS ETHEREUM?
Ethereum is a decentralized computing infrastructure that operates using open-source technology and employs blockchain to synchronize and store changes in state. The cryptocurrency that is native to Ethereum is called ether, which is a crucial element of the platform, much like bitcoin is to Bitcoin. Ether is identified by its ticker symbol, "ETH."
Computer programmer Vitalik Buterin authored the Ethereum whitepaper in November 2013, and the first Ethereum block was mined in July 2015 following development by Buterin and other programmers.
One of Ethereum's most notable features is its support for smart contracts, which are pieces of code that execute a set of instructions. While Bitcoin also supports smart contracts, Ethereum provides developers with more flexibility to use them in various ways. This is made possible through the Ethereum Virtual Machine (EVM), which serves as an environment where smart contracts operate and interact.
In the early 2020s, Ethereum will undergo a significant redesign, resulting in Ethereum 2.0. This updated blockchain will have the capacity to handle a more significant volume of transactions.
HOW MANY CRYPTOCURRENCIES EXIST?
There are currently thousands of cryptocurrencies in existence, but bitcoin (BTC) and ether (ETH) are the two that dominate the market in terms of both market value and popularity. If you want to learn more about blockchain technology, you can read about it here.
Read more about: Blockchain Technology
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