What Is Cryptocurrency
A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.
Understanding Cryptocurrencies
Cryptocurrencies are systems that allow for secure payments online which are denominated in terms of virtual "tokens," which are represented by ledger entries internal to the system. "Crypto" refers to the various encryption algorithms and cryptographic techniques that safeguard these entries, such as elliptical curve encryption, public-private key pairs, and hashing functions.
Types of Cryptocurrency
The
first blockchain-based cryptocurrency was Bitcoin, which still remains
the most popular and most valuable. Today, there are thousands of
alternate cryptocurrencies with various functions and specifications.
Some of these are clones or forks of Bitcoin, while others are new
currencies that were built from scratch. Bitcoin was launched in 2009
by an individual or group known by the pseudonym "Satoshi Nakamoto."1 As
of March 2021, there were over 18.6 million bitcoins in circulation
with a total market cap of around $927 billion.2 Some of the competing
cryptocurrencies spawned by Bitcoin’s success, known as "altcoins,"
include Litecoin, Peercoin, and Namecoin, as well as Ethereum, Cardano,
and EOS. Today, the aggregate value of all the cryptocurrencies in
existence is around $1.5 trillion—Bitcoin currently represents more than
60% of the total value.3
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