What are crypto currencies?

Let us talk about the basics, shall we? In this article we will get the knowledge of what Crypto Currencies are, not going in to much of detail just to let you know some of the basics of Crypto Currencies.

First let me just state this, Crypto Currencies are basically money, that have been created through computers. So, they are digital currencies. To create it, you use aspects of your computer to “mine” these currencies. Today there are more than 1500 crypto currencies in the world. Of course, this was not always the case as, the first Crypto Currency was created in 2008 and I think we all know the name of it, BITCOIN. By Satoshi Nakamoto, he is the creator of bitcoin and the starter of Crypto Currencies.

Because Bitcoin is the first Crypto Currency and the most popular of them all let me give examples from bitcoin, this virtually created currency costs real life money that we spend every day. So, we can say that virtually created currencies make more money than what you have in your wallet right now. The cost of 1 bitcoin at the date of this article is written is 5.259,29 $ that is crazy isn’t it?

Keep in mind that you yourself can “mine” Crypto Currencies, so that means that you can create Crypto Currencies from your personal computer but it will change according to your computers features, RAM of your computer for example is very important for mining. So, you should think twice if you have a really old computer because you may lose it if you try to mine Crypto Currencies.

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Gagan Deep

Gagan Deep

I tweet 15-20X/week mostly on Technology and Entrepreneurship

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