WHAT IS CRYPTO

 A digital currency that is secured by cryptography and is, typically, used as a medium of exchange within a peer-to-peer (P2P) digital economic system. The use of cryptographic techniques is what ensures that these systems are completely immune to fraud and counterfeiting.

The first cryptocurrency to be ever created was Bitcoin, introduced by pseudonymous developer Satoshi Nakamoto, in 2009. Nakamoto’s goal was to create a novel electronic payment system that would allow digital financial transactions to occur between users without the need for intermediaries, such as banks or governmental institutions.

Most cryptocurrency systems work through a decentralized framework that is collectively maintained by a distributed network of computers. Each computer (or device) that joins the network is referred to as a node. In simple terms, a node is any physical device that is connected to a network and that is able to send, receive and forward information. Each node is categorized according to the functions it performs within the system. For instance, the Bitcoin network is made of, at least, seven different types of nodes, and the nodes that perform all available functions are known as full nodes.

Cryptocurrency systems are considered decentralized because they don't rely on a centralized point of authority. The network nodes are widely distributed around the world and the issuance and management of cryptocurrency units are based on pre-programmed algorithms and mathematical proofs. However, each cryptocurrency works in a particular way, which results in varying degrees of decentralization. In other words, some cryptocurrencies may be considered more decentralized than others, depending on the network structure and on how the nodes are distributed.

Most cryptocurrency systems rely on a public distributed ledger known as a blockchain, which is basically an ever-growing list of records that are highly resistant to modification. As the name suggests, a blockchain is made of a linear chain of blocks and, in the context of cryptocurrencies, it is responsible for keeping a permanent record of all confirmed transactions (and related data) - all secured by cryptography. Generally speaking, every cryptocurrency works on top of a blockchain that works according to a predefined set of rules (i.e. an underlying protocol). The protocol is what defines how the blockchain and the cryptocurrency system should operate.

A cryptocurrency (or “crypto”) is a digital currency that can be used to buy goods and services, but uses an online ledger with strong cryptography to secure online transactions. Much of the interest in these unregulated currencies is to trade for profit, with speculators at times driving prices skyward.

The most popular cryptocurrency, Bitcoin, has had volatile price moves this year, reaching nearly $65,000 in April before losing nearly half its value in May. In recent weeks, the price of bitcoin was back in the $45,000 range (You can check the current price to buy Bitcoin here.)

Here are seven things to ask about cryptocurrency, and what to watch out for.

1. What is cryptocurrency?

Cryptocurrency is a form of payment that can be exchanged online for goods and services. Many companies have issued their own currencies, often called tokens, and these can be traded specifically for the good or service that the company provides. Think of them as you would arcade tokens or casino chips. You’ll need to exchange real currency for the cryptocurrency to access the good or service.

Cryptocurrencies work using a technology called blockchain. Blockchain is a decentralized technology spread across many computers that manages and records transactions. Part of the appeal of this technology is its security.

2. How many cryptocurrencies are there? What are they worth?

More than 10,000 different cryptocurrencies are traded publicly, according to CoinMarketCap.com, a market research website. And cryptocurrencies continue to proliferate, raising money through initial coin offerings, or ICOs. The total value of all cryptocurrencies on Aug. 18, 2021, was more than $1.9 trillion — down from April high of $2.2 trillion, according to CoinMarketCap. The total value of all bitcoins, the most popular digital currency, was pegged at about $849 billion, regaining some ground from recent price lows. Still, the market value of bitcoin is down from April high of $1.2 trillion.

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