Intro
Cryptocurrency has been a hot topic over the past couple of years. To start off, cryptocurrency is a digital, decentralized currency. This means that no bank or government has control/ownership of the commodity. This means that no one person/server has access to all the records of transactions (ledgers). This is all public, encrypted information through the process of blockchain (see Blockchain in Navigation Bar).
Facts/Info
With the growing popularity of cryptocurrencies, people are bound to hop on the wagon of making them. As of March 2018, there are over 1600 cryptocurrencies out there. This ranges from Bitcoin to Dogecoin. All of these cryptos are created from ‘mining’. Mining is the process of using computers to solve complex mathematical equations to verify and log transactions. This plays a role in blockchain as well because transactions are verified and added to the public ledger. When you solve this equation first, you are given a reward, which is often a cryptocurrency.
Summary
In short, cryptocurrencies provide a safe, but risky investment. It is safe because, there is virtually no chance of you getting hacked or your money stolen because of blockchain technology. However, it is risky because afterall it is a currency. All currencies go through ups and downs. So, be careful when investing in a crypto. If you are interested in investing here are some fairly common and popular cryptos:
- Bitcoin
- Ethereum
- Litecoin
- Dogecoin
- Swiftcoin
- Ripple
- EOS
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