What exactly is cryptocurrency?
Cryptocurrency is a digital currency which runs on a decentralized network of computers, the blockchain. Though the concept of these currencies has been around for decades, they have only recently been gaining traction in the mainstream media. In this article, we will go over some history of cryptocurrency and how it has evolved to what it is today.
In 2009, Bitcoin became the world’s first decentralized cryptocurrency. It was created by an anonymous individual or group under the name Satoshi Nakamoto. They released open-source software that solved a problem in electronic money called double-spending without a central authority. This means no one could spend their bitcoins twice. The invention of blockchain technology in 2008 made this possible, and Bitcoin was born with a design so innovative that it became widespread among the crypto community when it launched.
So, what is a blockchain?
In order to understand how cryptocurrency works, you must first understand what blockchain technology is and how it interacts with cryptocurrency coins like Bitcoin – or MANCoin. A blockchain is a digital ledger or a recording of data designed in a way that makes it difficult or impossible to change, hack, or cheat. For example, $MANC is on the Ethereum blockchain, one of the oldest and most trusted chains in existence.
The blockchain works with various cryptocurrencies built upon it by spreading its operations across a network of computers in order to operate without the need for a central authority.
So, there ya have it. We said this would be brief.