Crypto Currency Definition
Crypto Currency is a digital form of money transaction. It is a system where one can receive payments anywhere from one person to another, instead of using paper money. It is done by making entries in an online database and specifying the transactions. Crypto Currency is stored in a digital wallet. It is called crypto currency because it uses Encryption in verifying transactions. This means that coding is involved in storing and transfer of crypto from one wallet to another. Encryption is done for security and safety of your crypto.
How Crypto Currency Works
Crypto currencies run on a blockchain where all transactions are stired. Crypto currencies are gotten through mining with the use of Android phones, computer or laptop, to generate coins. It can also be bought from brokers and stored in crypto wallets.
Examples of Crypto Currencies
There are different kinds of crypto Currencies, some of the most popular ones are;
BITCOIN;
It was the first Crypto Currency and most popular. It was developed by Satoshi Nakamato and was founded in 2009.
ETHEREUM;
Ethereum is a block chain platform with crypto known as Ether with the symbol ETH. It is the second popular crypto and it was founded in 2015.
LITECOIN;
This is just like Bitcoin, it allows more transactions.
To differentiate others from Bitcoin, they are referred to as altcoins.
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