Cryptocurrencies for Beginner
What is cryptocurrency?
Cryptocurrency is a digital coin that has some sort of value. Cryptocurrency is not owned by a single or central body such as a government or a central bank or institute, in other words it’s distributed across and owned by individuals or group of individuals. Once learnt It is comfortable to operate, and can be sent quickly and securely from any point in the world to another. Though with the current demand, it is struggling with the speed. Due to being a decentralized coin, the cryptocurrency value is determined in a free open market, without any manipulation from a central body.
Who Invented first cryptocurrency, Bitcoin?
In early 2009, the first Bitcoin was mined by someone or group of people nick-named Satoshi Nakamoto. No one really knew who is Satoshi Nakamoto. Initially Bitcoin was received with cold reception. No one at large understood its importance except few technically geeks/enthusiasts. It is an open source project has been attracting many new users and devotees who have contributed their time and efforts to developing and distributing the bitcoin around the world.
How was any Cryptocurrency like Bitcoin created?
Cryptocurrency is generated through a process called mining done by its network’s nodes. Owner of these nodes are called miners. New cryptocurrency are created using compute power of special computer or machines or even mobiles. In the initial days of cryptocurrency, it was/is worthwhile to mine newly launched cryptocurrency like Bitcoin, ETH or LTC but as specific cryptocurrency ages it becomes expensive to mine it due to constantly increasing difficulty of hashing algorithm. Each cryptocurrency has, by design, its own max cap on the number of coins.
For example, Currently, there are total of 17 million Bitcoins, and the mining process will continue until reaching the maximum limit of 21 million Bitcoins.
Where to buy Cryptocurrency like ETH, Bitcoin, LTC etc?
There are many online places where you can buy these cryptocurrencies. There are numerous exchanges and online website where you can register your account using email and after verification (using identity card or driving license or passport), you are ready to rock. As beginner, you should always try to buy few crypto currencies from easy to operate and reliable company and their website. For example, Coinbase etc.
Visit Buying Cryptocurrency Guide