• Andreas Jakob

What is Crypto Currency

Updated: Sep 12

Brief Overview

A cryptocurrency is a digital asset which is designed to work as an exchange medium to secure financial transactions which have a verified transfer of assets

Cryptocurrencies and uses a decentralized control network as opposed to traditional banking Systems. The decentralized control of each cryptocurrency works through a distributed ledger also known as #blockchain, that serves as a public financial transaction database that keeps a record of all transactions and assets.


#Bitcoin, first released in 2009 is generally considered as the first decentralized cryptocurrency. Since the release of bitcoin over 4,000 altcoins (alternative coins or other cryptocurrencies) have been created.

so this said, on the coin can be divided into sub-units, for example, BitCoin smallest unit is a satoshi named after the Creator Satoshi Nakamoto which is representing 0.00000001 of a bitcoin.


Satoshi Nakamoto, yet became a legend and his true identity has not been revealed.


Asset definition

in the beginning, I defined Crypto Currency as a digital Asset and yet a lot of opposers call out that Crypto Currency serves no purpose and that no one can ever make something out of this random sequence of bytes. But this is not the Reason why CryptoCurrency was created. CryptoCurrency's sole creation purpose was to serve as an independent Exchange Ledger which lives from its transactions.


Pro and Cons

Pro

  • can be sent anywhere and is not Geographically bounded

  • the transaction can be made with no logistical effort needed

  • transfers are secure and can not be undone

  • is anonymous and Secure (depending on how you set up your wallet)


Cons

  • is only worth what someone is paying for, the Exchange Market defines its worth

  • lost access to wallets can not be restored (keep your keys save)


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