Bitcoin was the first cryptocurrency, created by an individual or a group of people under the pseudonym Satoshi Nakamoto, back in 2009. It was supposed to be a decentralized digital currency that allowed peer-to-peer transactions to take place independently of any kind of banks and governments. It is, at its very base, an online…
Creation of cryptocurrencies is a rather complicated process involving many steps and requiring substantial knowledge in cryptography, computer science, and economics. I will break down this process into major components for better understanding of how the creation of cryptocurrencies is performed. First, let’s begin with the very basics. Cryptocurrencies are digital or virtual currencies…
A cryptocurrency, in its entirety, is defined as: Cryptocurrency is a kind of digital or virtual currency that uses advanced techniques of cryptography for transaction security and control of new unit creation. It is decentralized, meaning not controlled by any government or institution. Though the concept of cryptocurrency had been present since the 1980s,…
I’d be happy to explain what blockchain technology is, and how this thing works. It simply allows a transaction occurring between two ends on a network to be recorded in a secure, transparent digital ledger-a basic blockchain technology concept where other digital currencies like Bitcoin and Ethereum base their foundation, although their use extends a…