2. Crypto: The term is
driven by the Greek
word “Krypto” which
means hidden.
Currency: Medium of
purchase goods and
services.
3. What is Cryptocurrency?
A cryptocurrency is a digital currency or
digital asset. You can’t feel and see this. It
is an encrypted data string that denotes a
unit of currency. It is completely
decentralized. No one can control it. It is
monitored and organized by a peer-to-
peer network called a blockchain, which
also serves as a secure ledger of
transactions, e.g., buying, selling, and
transferring.
4. Why it created?
The cryptocurrency was invented in 2009 by an
unknown person or group of people using the
name Satoshi Nakamoto. It was created in the
wake of the 2008 global financial crisis as a way
for people to control their money themselves,
without having to rely on companies, banks, or
governments and their fees and controls. It was
the first cryptocurrency “Bitcoin”.
5. How does cryptocurrency work?
Cryptocurrencies run on a
distributed public ledger called
blockchain, a record of all
transactions updated and held by
currency holders. Units of
cryptocurrency are created through
a process called mining, which
involves using computer power to
solve complicated mathematical
problems that generate digital
assets.
6. What is Bitcoin?
Bitcoin is a decentralized digital currency, without
a central bank or single administrator, that can be
sent from user to user on the peer-to-peer bitcoin
network without the need for intermediaries.
Bitcoins are created as a reward for a process
known as mining. Bitcoin has been criticized for its
use in illegal transactions, a large amount of
electricity and thus carbon footprint used by
mining, and price volatility. Bitcoin inventor Satoshi
Nakamoto capped the number of Bitcoin at 21
million, to make the cryptocurrency scarce and
control inflation that might arise from an unlimited