In recent times, the name “Cryptocurrency” got more popular than ever before. Those who are not actively involved in it must have seen the word several times on the internet or on their friends whatsapp status. The rate at which people are getting involved in Cryptocurrency, you’ll feel like you’re not doing anything worthwhile with your life if you are not in their crew. Well, Cryptocurrency is not a magic word. I’ll give a brief explanation of what it means in this article.
WHAT IS CRYPTOCURRENCY?
Cryptocurrency also known as Crypto can simply be defined as the digital version of fiat currency ( money that you can’t see with your physical eyes). As you all know currency is a medium of exchange like we have Naira, Cefa, Rupees , Dollars etc. So Cryptocurrency is the digital version that you can also exchange for goods, services, personal spending, trading, store of wealth, crowd funding etc.
THE ORIGIN OF CRYPTOCURRENCY.
The very first cryptocurrency to be launched is called BITCOIN! The mother of all crypto coins and tokens. This coin was invented by SATOSHI NAKAMOTO. The truth is no one knows who Satoshi is. We don’t know if the name refers to one person or a group of people. I hope someone unveils the masquerade one day. Lol
Some companies, football clubs and individuals have launched their own crypto tokens. The future is digital, you know? Cryptocurrency works with the use of a technology called “BLOCKCHAIN”. I’ll explain what blockchain means in my next article.
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