What is Cryptocurrency?
A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology – a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.
Cryptocurrencies are systems that allow for the secure payments online which are denominated in terms of virtual “tokens,” which are represented by ledger entries internal to the system. “Crypto” refers to the various encryption algorithms and cryptographic techniques that safeguard these entries, such as elliptical curve encryption, public-private key pairs, and hashing functions.
Types of Cryptocurrency
The first blockchain-based cryptocurrency was Bitcoin, which still remains the most popular and most valuable. Today, there are thousands of alternate cryptocurrencies with various functions and specifications. Some of these are clones or forks of Bitcoin, while others are new currencies that were built from scratch.
Other popular cryptocurrencies include Ethereum, Litecoin, Ripple, Tether, Cardano and Monero just to name a few.
It’s estimated that there are over 10,000 cryptocurrencies in existence.
How can I learn more or use them?
Cryptocurrency is more than just a technology. It’s a revolution. It’s the finance of the future. And it’s a movement that is already changing the world. Crypto rewards those with the ability to adapt and believe in a better way of doing things. It also removes the need for banks and third parties, empowering everyday Australians and those failed by the current global system of banks and finance.
While some parts of cryptocurrency may seem complex, cryptocurrency — at its core, is actually pretty simple. And that’s part of why it is so powerful. It’s built by regular people, for regular people – and you don’t need to be an expert to get involved.
To find out more, check out some of Australia’s leading crypto companies here.