What is Cryptocurrency

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So basically the question that l have been receiving a lot in my WhatsApp private box was as simple as: MrHeureuxComics what is cryptocurrency? So basically l will expain it in the simplest way possible. And before l go any further , l want you to look closely at the prices of the cryptocurrencies listed below. If you look closely you will see that the prices are actually fluctuating , why? I want to pre-answer this question by saying that the prices are fluctuating because cryptocurrencies are traded on trading platforms (that is buying and selling , you will understand as you read this section of the blog) and by the time of writing this blog , bitcoin is by far the most valuable crypto (1BTC=USD11,541.74). Before l waste any time , l want to dive straight into the question that was asked.

What is Cryptocurrency

It is actually a digital asset , that was designed to work as a medium of exchange between 2 or more parties , in which individual ownership is stored in digitalized and computerised databases and encrypted by strong cryptography to ensure secure transactional flows and records. The strong cryptography is used to control the creation of additional coins, and to verify the transfer of coin ownership. Cryptocurrencies are typically stored in digital form which means there is no physical ownership of any coins.
The source below has been extracted from wikipedia:

coinpayu

Cryptocurrencies typically use decentralized control as opposed to centralized digital currency and central banking systems.[3] When a cryptocurrency is minted or created prior to issuance or issued by a single issuer, it is generally considered centralized. When implemented with decentralized control, each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.[4]

The extract above as well as my handwriting above shows us that cryptocurrency is taking the world by storm. I will talk more about cryptocurrency in my next blog post.
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