The term crypto currency ( crypto ) or cryptocurrency may have been discussed recently. Some of the known types of cryptocurrencies include Bitcoin , Litecoin, and Ethereum. Cryptocurrencies are an increasingly popular alternative to online payments.
Bitcoin was originally used in illegal sites. The transaction value on a site at that time reached US $ 1 billion Bitcoin. This triggered an investigation by the Federal Bureau of Investigation (FBI) which then closed the illegal site. However, Bitcoin’s success is starting to spread and is now officially regulated. The discovery of Bitcoin sparked other inventors to develop cryptocurrencies . According to data from CoinMarketCap, there are currently more than 13,506 types of cryptocurrencies.
If you are interested in exploring the crypto world as a beginner, see the full discussion below.
Understanding Crypto
Cryptocurrency or known as crypto is a digital currency that can be used to buy goods and services. It is a form of payment that can be exchanged for goods and services online or for profit. The definition is summarized from the book Coin Searchers: The Insider’s Guide To Crypto Trading by John Bailer.
Crypto History
Summarizing from bitcoinxxo.com Trading Guide Fundamentals & Technical Analysis for Cryptocurrency Thinkers, the history of crypto begins in 1983 when cryptographer David Chaum created an anonymous electronic cryptographic tool called e-Cash . Then in 1995, DigiCash was created and implemented as an early form of payment in the form of electronic cryptography using software and encryption to withdraw notes from banks.
Crypto Trading
Legal Basis CoFTRA released a publication entitled Crypto Assets which explains the legal basis of crypto trading. Most crypto companies create their own currency called tokens. Companies can also use online ledger systems or online ledgers . This ledger contains anonymous user identities, cryptocurrency balances , and transaction records. The system is equipped with a firewall and strong cryptography to ensure that all online transactions are monitored securely.
