What Is Cryptocurrency? Beginners Guide to Cryptocurrency

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Written By Hafiz Waheed Ullah

Well come to Wzsols. Cryptocurrency, now a days is the talk of the town. In 2022 a big portion of the world’s population started to learn about cryptocurrency and Bitcoin. This year is “The year of crypto adoption and Gamify”. Mass adoption and emergence of new terms like NFT (Non-Fungible Tokens), Metaverse and Gamify attracted new people to this field. Although year 2022 is the bearish in terms of market prices of all financial markets but many new traders joined this industry and tons of people are joining and eager to learn. Wzsols is going to start a series of articles about cryptocurrency and Crypto trading as well as video lectures for our viewers and visitors so that they can learn cryptocurrency and trade in efficient way and avoid huge losses, as people bore this year. Today’s article is first article which will cover the following:

  • What Is Cryptocurrency?
  • Brief History of Cryptocurrency
  • What was the reason behind the creation of cryptocurrency?
  • Fiat Vs Cryptocurrency
  •  How many cryptocurrencies are there?
  • Today’s price of BTC

What Is Cryptocurrency?

Cryptocurrency refers to a kind of digital asset that utilizes distributed ledger, or blockchain technology to enable a very secure transaction. Many companies have issued their own currencies, often called tokens, and these can be traded exclusively for the good or services that the company provides. (Difference between coin and token will be discussed in a separate article).

Cryptocurrencies work using a technology called blockchain. Blockchain is a decentralized technology spread across many computers that manages and records transactions. Part of the appeal of this technology is its security. We will discuss Blockchain in another article.

“Bitcoin is the first cryptocurrency”

Brief History of Cryptocurrency

The modern cryptocurrencies that we know today started with the creation of Bitcoin, which was first outlined by anonymous person “Satoshi Nakamoto”. Bitcoin was created by writing an algorithm, its whitepaper was published and released to the public in early 2009 and a large group of crypto enthusiasts began mining, investing in, and exchanging the currency. The first Bitcoin market was established in February 2010.

What was the reason behind the creation of cryptocurrency?

It was created in the wake of the 2008 global financial crisis as a secure medium for people to hold and control their money themselves, without having to rely on companies, banks, or governments and their fees and controls. So, Cryptocurrency is a peer-to-peer currency.

Difference between Fiat Vs Cryptocurrencies

Cryptocurrency is a digital asset that uses cryptography to ensure its transactions. Cryptocurrency is decentralized, which means that it is not controlled by any government or financial institution. Fiat money is a currency that is declared legal tender by any government. Unlike cryptocurrency, fiat money is very centralized and regulated by government bodies. Pros and Cons in details will be shared in a separate article.

How many cryptocurrencies are there?

At the time of writing article there are 21,452 cryptos and the global crypto market cap is $917.63B for Further stats and details you may visit CMC

Today’s price of BTC

At the time of writing this article the price of BTC and other currencies in top 5.

Hope you will like this article leave your feedback in the comment section and also you may ask if you have any query.

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