What is Cryptocurrency? Cryptocurrency is a digital asset designed to work as a medium of exchange of assets or money and it uses cryptography to secure the transactions and to control the creation of additional units of the currency.
What does it mean?
A cryptocurrency essentially means that through principals of cryptography electricity is covered into lines of code that gain monetary value. Big part of cryptocurrencies are designed to decrease in production in order to avoid inflation.
The beginning of Cryptocurrencies.
The first cryptocurrency was Bitcoin, released in 2009 which is said to be created by satoshi and it’s currently the biggest and the most popular of them. After Bitcoin there were other released including Litecoin and Namecoin released in 2011 and followed by Peercoin in 2012. Other followed and incorporated some unique features.
Gridcoin contributed whith computing power, Omni whith first communication protocol, Burst with smart contracts also known as crypto 2.0… this are some examples.
Smart Contracts (Crypto 2.0)
They were first implanted by a cryptocurrency Burstcoin in 2015 and it enabled many things to be run on the blockchain which would otherwise have to be individually programmed in.
Smart contracts can include a variety of functions like predictions, auctions, crowdfunding, lotteries and many many more things, pretty much everything that you woul have running on a ordinary computer, you can on a smart contract . They were popularized by Ethereum blockchain platform, what helped Ethereum quickly gain popularity and become the seconde biggest cryptocurrency now days.
Smart contracts 2.0 are gaing massive traction with several alternatives to Ethereun being available including but not limited to:
Ethereum Classic, Counterparty, Burst, Ubiq, Waves, NEO, Bitshares, Straits, Lisk and others.
How do I get my first cryptocurrency?
Main cryptocurrencies like Bitcoin or Ethereum can be purchased with fiat money through services like Coinbase, Karken, Gemini or others.
You usually have to provide some form of identification to use these services (protection from fraud) and after that you can either use your debit/credit card or banck transfer to buy. Those services also allow you to sell your cryptocurrency for fiat money.
Less popular cryptocurrencies have to be traded for Bitcoin or Ethereun via exchanges like Poloniez, Bittrex, Liquid or others.
How are they storaged?
Cryptocurrency can be stored on the exchanges, but it is not recommended to do this long term.
Most common and the ideal is to get your own wallet. There are many wallets available – some of them crypto specific while others can store several cryoptocurrencies at once.
There are also different types of wallets including online wallets, desktop wallets, hardware wallets, mobile wallets and paper wallets – each have advantages and disadvantages.
What is the future of Cryptocurrency?
Cryptocurrencies are still at a very early stage of development with plenty of room to grow.
All cryptoscurrencies together are worth around 80 billion USD (just for reference Apple alone worth 10 times as much).
There are also new exiting developments in this sector often called Cryptocurrency 3.0 – but we don’t really know what will be the next big thing that could be really named after 3.0.
Some speculations about cryptocurrency:
> IOTA – using Tangle Ledger is able to settle instant transitions with zero fees;
> Tezoz – self governing blockchain that rewards protocol development;
> EOS – Blockchain operating system designed to suport commercial descentralized application.
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