What is cryptocurrency?
Cryptocurrency is a form of e-currency. It is just like the normal money we spend on daily basis but differs in the sense that
1. Cryptocurrency is decentralized i.e. no one has direct control over it
2. Only available and usable on the Internet
3. It has no value. The value is determined by how you and I view it.
4. It has no fixed value
5. There’s little or no charges to acquire them
6. Easily transferred, stored and used.
People believe that cryptocurrency is the next in terms of money usage. It is believed that cryptocurrency will replace FIAT completely in the nearest future hence being called- (the future of money)
History of Cryptocurrency
The first cryptocurrency known as Bitcoin was created in 2009. Bitcoin, which was the first decentralized cryptocurrency was created by an anonymous person known as Satoshi Nakamoto. That’s why the smallest unit of bitcoin is called Satoshi.
Nakamoto also created the platform where other decentralized cryptocurrencies are created till today.
Meaning of Altcoin
Altcoin word came from Alt*ernative *coin. It is a term used collectively for all coins either created or forked that’s not bitcoin.
Therefore, it can be clearly and correctly stated that we have 2 categories of cryptocurrency coins
2. Altcoin (all other coins apart from bitcoin).
Every coin has its smallest units. Usually, all coins follow BTC (bitcoin) smallest unit pattern that is 1BTC = 100,000,000 SATOSHI. Therefore bitcoin values can be represented in 100 million or Satoshi e.g. 25000 Satoshi is the same as 0.00025000 BTC.
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