Cryptocurrency is the new buzzword for money. It is an alternative to the traditional currencies such as dollar, euro and pound. In this article I will explain what is cryptocurrency, how it works and why it is becoming so popular.
Cryptocurrency is an electronic currency that is not controlled by any central bank or government. The value of the currency is based on supply and demand. This means that there is no central authority controlling the value of the currency.
Cryptocurrency was created in 2009 by Satoshi Nakamoto, an anonymous person who is credited with inventing Bitcoin. Bitcoins are the most popular form of cryptocurrency and are used all over the world.
In order to buy or sell bitcoins you need to have a bitcoin wallet. A bitcoin wallet is a piece of software that stores your private keys. When you want to buy or sell bitcoins you transfer your bitcoins from your personal wallet to a seller’s wallet.
When you transfer your bitcoins from one wallet to another you are sending a transaction. This transaction is recorded on a public ledger called the blockchain. Each time someone makes a transaction the details are recorded on the blockchain.
The blockchain is a distributed database that contains the transactions made by every user. This means that if someone wants to change a transaction they have to make a copy of the blockchain.
There are many types of cryptocurrency but the most popular are bitcoin, ethereum, litecoin and ripple. There are thousands of other cryptocurrencies but only a few of them are worth anything.
Cryptocurrency has been growing in popularity since its creation. Many people have started using it to pay for things online. They use it to pay for things like groceries and clothes. It is also being used by criminals to buy illegal goods online.
In recent years the price of cryptocurrencies has increased dramatically. At the start of 2017 the price of one bitcoin was around $1,000. Today the price of one bitcoin is close to $20,000.
Bitcoin has been growing in popularity because of its decentralized nature. This means that there is nobody controlling it. Nobody can manipulate the price of bitcoin because there is no central authority.
The reason for the rapid increase in price is due to the fact that there is a limited number of bitcoins. This means that the value of the currency will always be determined by supply and demand.
In the future the price of bitcoin could go down or up depending on supply and demand. If there is more supply than demand then the price will fall. If there is less supply than demand then the price of bitcoin will rise.
The price of bitcoin will also depend on the amount of people buying and selling it. If there are more buyers than sellers then the price will go up. If there are more sellers than buyers then the price will go down.