In around two minutes you will know what is Cryptocurrency. You will get both professional definition and easy explanation. No intro, no outro, straight to the point.
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Cryptocurrency, or simply Crypto, is digital currency that is based on block chain technology and secured by cryptography, which makes it almost impossible to counterfeit or double spend.
One of the most common cryptocurrencies are Bitcoin and Ethereum.
Essentially, this is a digital asset. Its decentralized structure allows it to be out of control for the government and authorities.
Cryptocurrencies use blockchain technology. Which means the following.
Every transaction that you make is recorded into a block of information. Each block is 1mb in size.
Each block initially is encrypted. And miners have to decrypt each block in order to receive cryptocurrency.
After a block has been decrypted, miners receive cryptocurrency in accordance to the amount of work that they’ve put into decrypting.
Blocks become verified and all the transactions become available for anyone to read.
That is why using cryptocurrencies provide transparency. Anyone can see where the money has been spent.
But cryptocurrencies have been actively criticized for use in illegal activities. And rightfully so. Like mentioned previously, governments have very little control over it.
All in all, cryptocurrencies are still young phenomenon. I keep my mind open to them, while still being cautious. It is extremely volatile at the moment and its future in relation with the governments regulations is uncertain.
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