Learn what cryptocurrency and bitcoin mean in this video.
Transcript Below:
Hi there!
My name is Dani and I’m the founder of the simplest crypto dictionary beginner’s guide.
In this video series, I’m going to introduce the basic concepts surrounding cryptocurrency. We’re going to touch on:
– 13 very important and very common words you need to know
– Then I’m going to bring up 5 common categories of cryptocurrency
– And finally, the 8 crypto resources you need to be using right now
Before I go on, here’s a quick disclaimer: Nothing published by me or Decryptionary constitutes investment advice. Always do your own research before making an investment.
I’m assuming you’re ready to get started. Our first word is cryptocurrency.
Cryptocurrency is an electronic money created with technology. This technology does 3 main things:
1. Control creation
2. Protect transactions
3. And hide the identities of its users.
Crypto- is short for “cryptography”, and cryptography is computer technology used for security, hiding information, identities and more. Currency simply means “money currently in use”.
The unique aspect of cryptocurrency is that technology, not governments, are managing the money.
Many people have asked me, “Why do I want cryptocurrency”.
The simplest answer I have is, they are a digital cash designed to be quicker, cheaper and more reliable than our regular government issued money.
To prevent fraud and manipulation, every user of a cryptocurrency can simultaneously record and verify their own transactions and the transactions of everyone else. These recordings are known as a “ledger” and this ledger is publicly available to anyone.
Because you have access to this ledger, you don’t need to trust the person you are doing business with. And that’s a good thing! This unique positive quality is known as “trustless”.
The first cryptocurrency to become massively popular was bitcoin.
Bitcoin is the first digital cash to become massively popular. It was created in 2009 by an unknown person or group who went by the name, Satoshi Nakamoto.
Bitcoin’s price has risen into the thousands of dollars, but you can still own bitcoin by purchasing a fraction of it for dollars.