It\u2019s been quite a few months since I got into the world of cryptocurrencies, and to be honest, this world is very vast and deep, which does not seem from the outside.So let\u2019s get our hands dirty and understand the world of cryptocurrencies.Cryptocurrency is a digital payment system that is based on cryptography, which controls the generation of units of currency and verification of transactions for the transfer of funds.A cryptocurrency is not backed by a government or a central bank of any country because they take the power out of centralized power centers, whether they are governments or central banks. That\u2019s why such money has many advantages over FIAT currency (currencies that are backed by the government)But do you know which technology is used behind cryptocurrency?Blockchain is the core technology behind cryptocurrency. Let\u2019s first understand what exactly blockchain is, and then we will move forward.A blockchain is a digital, public ledger that records online transactions. Blockchain is the core technology for cryptocurrencies. A blockchain ensures the integrity of a cryptocurrency by encrypting, validating, and permanently recording transactions. A blockchain is similar to a bank\u2019s ledger but open and accessible to everyone who utilizes the cryptocurrency.More information about blockchain will be covered in the upcoming blogs. For now, let\u2019s try to understand the types of cryptocurrencies.Bitcoin is a digital or virtual currency that uses peer-to-peer technology to facilitate instant payments. It was created by a person called Satoshi Nakamoto in 2009, whose identity is still a mystery for everyone (Interesting fact: Many people believe that he should get a Nobel prize for the invention of Bitcoin.)After Bitcoin was introduced into the market, it solved the major problem in electronic cash called \u201cdouble spending.\u201d Double Spending is the risk that a digital currency can be spent twice. If the same money\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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