Simply put, they are digital currencies used for transactions on a world-wide scale. Nearly a decade ago, bitcoins were created and went to an all-time high in the years 2016/2017, an occurrence that fuelled people’s desire to fully grasp what the buzz with cryptocurrency was all about so in this article, we would provide a concise, yet simplified explanation of what cryptocurrencies are and what they can help you do.
Unlike cash that you can handle physically, cryptocurrency is a digital currency that can be exchanged for commodities, goods and services with other users. The word crypto takes its root in the word cryptography (which is used to secure and help transacting parties verify and confirm transactions).
One of the most interesting facts about cryptocurrency is that users can transact without the need to rely on their local banks to carry out their transactions. All transactions are designed to be processed and completed through a decentralized blockchain network.
Cryptocurrencies are fast proving a viable means to invest money as they are becoming more popular in use hence gaining more value. There are over a thousand cryptocurrencies in existence the most popular and highest valued being the bitcoins. Others include Ripple, Bitcoin cash, Ethereum, Litecoins etc.
And yes, it is worthy to note that cryptocurrencies didn’t just spring into existence a few years ago. In the 90’s, cryptocurrencies like Flooz and digicash were also introduced but failed due to a number of reasons like corruption, government interference, all of which has been corrected with its reintroduction in the likes of Bitcoins and others.
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