Introduction
There is increase in awareness about cryptocurrency now than ever before. The news of cryptocurrency Bitcoin reaching its record high further drew people's attention to what is happening in the crypto world. January, 2021 began with news flash of prominent businessman buying crypto assets. Therefore, alot of persons who are new to the cryptocurrency began seeking for information on how invest accurately in cryptocurrencies. This post therefore seek to address some of such concerns by providing necessary information that can guide beginners.
cryptocurrency
This is a non tangible digital asset but better reffared to as encrypted digital currency known as cryptography. It was designed as a decentralized medium of exchange; this means that it is not under the control of any central authority. Bitcoin is the most popular cryptocurrency but it is not the only cryptocurrency that one can invest others include: Ethereum, Ripple e.t.c
Bitcoin
Although there have been attempt to create cryptocurrencies since 1990s but bitcoin was the first to gain public attention in the year 2009. It uses an open source software to ensure a peer-to-peer technology. It actually dominate the cryto world until the creation of ethereum in the year 2016. Ethereum, Bitcoin and other cryptocurrencies are more volitile than Fiat currencies.
What is blockchain and how is it connected to cryptocurrency?
Blockchain technology is peer to peer transactions enable in a verifiable and secure manner without having a central authority. The database is single and incorruptible which keeps records of transactions continuously in a chronological order. Every transaction needs to be varified by miners, complete verifications are established in a block or block chains. In summary, Bitcoin is a cryptocurrency; Blockchain is what allow or support its safe and secure transaction. Blockchain is mainly used and popular with cryptocurrencies.
To be continued....
Thank you for reading my write-up, I hope this is helpful for beginners indeed. Please drop your comments in the comments box and you could also suggest other necessary terminology a beginner need to know.