CRYPTO THE EASY WAY
Explaining cryptocurrency in a simple way that a child can understand it
The first question that arises in your mind is what is a currency? Why we use currency? How many currencies are there? What is cryptocurrency?
So let me explain it from the start.
What is currency and where it came from?
Whenever people pay for goods or services, they use some form of money. Money can be almost anything, as long as everyone agrees on its value. People have used the money for more than 4,000 years. Before people used money, they bartered or traded things they had for the things they wanted. For example, a person may have traded five goats for one cow. In the 600s BCE, the kingdom of Lydia in what is now Turkey began to make coins. Then came the paper money which we are using nowadays.
Today, the paper money and coins that people use are called currency. Each country has its own form of currency. In the United States, Canada, Australia, and several other countries the currency is the dollar. In Pakistan, we use rupees while in European countries they use euro. As the world is becoming more digitalized new forms of currency are coming.
What is Cryptocurrency?
A cryptocurrency is a type of currency that uses digital files as money. Usually, the files are created using the same methods as cryptography(the science of hiding information). You don’t keep cryptocurrency in a bank. Information about who has cryptocurrency is stored in multiple places on a computer network so everyone can verify the information. This makes the process fair and no one can claim to own cryptocurrency they don’t really have. Everyone all around the world can buy a cryptocurrency and it is not tied to any country or region like regular money. You can buy anything with it and send it to anyone you want, without needing anyone’s permission.
Bitcoin, first released as open-source software in 2009, is often called the first decentralized cryptocurrency. Since then, over 4,000 cryptocurrencies (sometimes called ‘altcoins’, which are short for alternative coins) have been created.
Who invented cryptocurrency?
No one knows.
The origins of cryptocurrency can be traced back to the 1990s when early attempts were made to create digital currencies, but it was not until 2009 when Bitcoin was introduced by an anonymous person or group known as Satoshi Nakamoto. Bitcoin is based on a decentralized ledger technology known as the blockchain, which allows for the creation of a secure, tamper-proof record of transactions.
Since the introduction of Bitcoin, numerous other cryptocurrencies have been developed, each with its own unique characteristics and uses. Ethereum, for example, was created in 2015 and is designed to facilitate the creation of decentralized applications and smart contracts. Litecoin is a lighter version of Bitcoin that was created in 2011 and is designed to be faster and more efficient than Bitcoin.
Despite its relative youth, cryptocurrency has already made a significant impact on the global economy and is increasingly being adopted by businesses and individuals around the world. Some proponents of cryptocurrency argue that it has the potential to revolutionize the way we think about money and finance, while others remain skeptical and caution against its use due to its perceived risks and lack of regulation.
While the identity of the individual or group behind the creation of Bitcoin remains a mystery, the impact of their creation on the world of finance and technology is undeniable. As the use and adoption of cryptocurrency continues to grow, it remains to be seen what the future holds for this exciting and rapidly-evolving technology.
Are cryptocurrencies here to stay?
The foundations* of the technology — known as blockchain — are here to stay.
Blockchain, a way of recording transactions*, is still very new and is being compared to the way the internet was in 1994.
Social media giant Facebook is currently recruiting dozens of financial businesses and online experts to help launch a cryptocurrency-based payments system. If it succeeds, it is likely to become the most recognized use of cryptocurrency.
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Comments (4)
More power to your pen 🙌
Surely easy way to both get or lose money. It's a both-way play
Was really easy to understand.
Really well articulated blog about crypto. Enjoyed a lot