Cryptocurrency is a decentralized, digital currency that is based on blockchain technology using an online ledger secured by cryptography. The most famous cryptocurrency or “crypto” in the market is bitcoin. However, there are many more cryptocurrencies in the market, with different blockchain technologies and different purposes. Unlike conventional currencies, there is no Central Bank that has control over cryptocurrencies. Its users manage and verify transactions which make crypto decentralized and transparent.
Bitcoin is the first cryptocurrency and it was launched in 2008, its author remains anonymous, but it’s well-known as Satoshi Nakamoto. Bitcoin, as the many different cryptocurrencies, is based on proof, there are different types of proofs but they’re all based on blockchain technology. Bitcoin is a proof-of-work type of blockchain technology, these proofs are mechanisms that help reach consensus for verifying transactions. While the goal is the same, the process it’s different. This is where each crypto gains value in the market.