A cryptocurrency is digital money and Bitcoin, Ethereum, Litecoin and Ripple are the leading names in cryptocurrency. Rather than being operated by a single entity like a bank, cryptocurrencies are operated by numerous crypto users around the world. No user can manipulate the accounts in the blockchain network, as every participant in a cryptocurrency’s network has to agree on each transaction that’s executed.
For most cryptocurrencies, anyone can join the network and start verifying transactions with their own computer set up and some freely available software. Due to the absence of any central authority such as a bank,
While sending money abroad, in particular, sending money to a sanctioned country, your bank has to comply with the national and international laws and therefore they charge you fees to send that money across. They may even prevent you from sending money to certain ones. A cryptocurrency transfer doesn’t entail such hassles. The digital currency reaches its destination smoothly and quickly.
Cryptocurrencies are ‘decentralized’, meaning that the data is not stored
centrally nor does any single person or entity has complete control over it.
Bitcoin was the first cryptocurrency that was created in 2008 by Satoshi
Nakamoto a pseudonymous individual or group whose identity still remains unknown. People who indulge in verifying Bitcoin transactions are called ‘miners’.
Each computer on the Bitcoin network that possesses a copy of the distributed ledger is called a ‘node’. The creators of bitcoin figured out a radical way to ensure that every node agrees on every transaction thus pioneering a revolutionary technology.
Since then, thousands of new cryptocurrency projects have emerged. Many strive to improve on Bitcoin in some way including faster transaction
validations, greater security or privacy, while others intend to offer something entirely new that Bitcoin doesn’t. Each project is different, but they all have the original Bitcoin concepts at their root.
The following infographic on Women In Cryptocurrency was developed by our friends at Mrbtc.org, please go through it and share your thoughts.