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In this blog post we are going to talk about Crypto, Investing, Dogecoin and how it became so popular!
So What is a cryptocurrency?
It’s basically a digital form of money and has no physical form. Some also refer to it as digital money, electronic money, electronic currency, or cybercash.
It was created to solve all of the current issues with our banking system.
You may think that the current banking system that we have is good enough but whenever we make an online purchase it has to go through our bank or credit card company which takes a cut from the transaction.
We have to trust the bank that they will do everything right since we have no power or control over the bank.
Cryptocurrencies are here to fix all of that by taking out the middleman.
The most popular Cryptocurrency is Bitcoin, but who made it?
It was made by an anonymous programmer named Satoshi Nakamoto, though no one knows who he is or if it were a group of people.
He published an article on a popular cryptography blog detailing the Bitcoin system – That explanation is also called "The White Paper".
He proposed that instead of a bank or credit card company holding all of the details in one central ledger, it will be all of the system users who will record all the transitions happening at the same time.
That way, no one could cheat the community and if they did then the payments would be rejected.
As a result, it will be a quicker and easier way to spend money even across national borders.
All other cryptocurrencies that are not Bitcoin are called Altcoins.
- Digital currencies are currencies that are only accessible with computers or mobile phones, as they only exist in a digital form.
- Since digital currencies require no intermediary, they are often the cheapest method to trade currencies.
- All cryptocurrencies are digital currencies, but not all digital currencies are crypto.
- Digital currencies are stable and are traded with the markets, whereas cryptocurrencies are traded via consumer sentiment and psychological triggers in price movement.