Cryptocurrency for beginners

  • February 26, 2021 01:36 PM AEDT
  • Team Kalkine
    Team Kalkine
    Team Kalkine
    22317 Posts

    Team Kalkine comprises of experts who understand various markets nuances and are enthusiastic and passionate to provide best possible offerings in the form of insights and stories. The team has rich experience of working across different markets with...

It is very important to understand which market or which instrument you are investing your money in before making that final investment decision.

All the buzz around the bitcoin, luring tweets from the biggies, and the rapid rise in bitcoin prices must have caught your attention.

But, if you are new to the cryptocurrency market, it is vital to understand the basics of it and how it functions before you make that first trade.

Deriving the meaning from the name itself cryptocurrency is a combination of cryptography and currency.

Cryptography is simply the process of converting plain text to text which cannot be easily understood or vice-versa. By cryptography, data can be stored or transmitted as an encrypted message in which letters are replaced with characters.

Similarly, cryptocurrency is digital form of cash. It is a currency associated with the internet which uses a decentralised technology to make secure payments. It is a form of payment that can exchanged online to make purchases of goods and services.

So, if you want to send money to someone who is in a different geography, you can easily do that without any intermediary or a financial institution through crypto.

Let us go back to the history of cryptocurrency and what led to the evolution of it?

The first cryptocurrency launched was Bitcoin in 2009. Bitcoin was built on a revolutionary technology called blockchain by cryptographers Scott Stornetta and Stuart Haber.

Moving on from the history to the kinds of cryptocurrency, we have 4 most common cryptocurrencies in the market namely Bitcoin, Ethereum, Ripple and Litecoin.

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