Cryptocurrency is defined as digital money, of which transactions are processed by cryptography technology. There are several types of cryptocurrency, including Ethereum, Bitcoin and Altcoin.
Ethereum refers to a computer operating system that allows for digital money to be used. The word derives from Ether, which is defined as a cryptocurrency that the computer operating system distributes.
It has the ability to be sent from one bank account to another. A programmer and researcher of cryptocurrency first thought up the concept of Ethereum in 2013. After gaining funding for it after raising the money online, it made its debut to the world in the summer of 2015. At that time, 13% of the world's Etherum was created.
The next year, Ethereum was changed so that there were two different versions of it. The original version was then referred to as Ethereum Classic while the new version was still referred to as Ethereum. In 2017 the value of the currency saw a 13% increase.
The Bitcoin Magazine programmer behind the currency, was the first person to describe to the world exactly what the currency was. His original goal in creating the currency was to build applications that could be used to provide a viable alternative to traditional currency.
Before the creation of Ethereum. Bitcoins were the first digital currency in existence. The world was introduced to the idea in 2008, when a domain was chosen and purchased in order to get the word out about it. In early 2009, Bitcoin software was first implemented. A year later, one million bitcoins had been created and made available for purchase by the public. The creator of Bitcoins then handed control of the currency over to a trusted individual, the eventual leader of the Bitcoin Foundation. Since then, the original Bitcoin creator's whereabouts are unknown.
Since then Bitcoins have continued to thrive as a digital currency. All bitcoin transactions are logged and tracked by a public ledger known as a blockchain. The software needed to complete bitcoin transactions is run by nodes communicating through the use of a computer network. The nodes are used to validate each bitcoin transaction before it is completed. When a transaction has been completed, nodes ensure it is entered into their ledger. This information is then shared with all other nodes completing bitcoin transactions.
There are multiple nodes that work together to monitor these transactions. Each of them has the blockchain stored, making it easy to keep track of where a users bitcoins have gone. Within a blockchain lies bitcoins registered with digital addresses, just as an individual is assigned their own email address. Every bitcoin address must have a private key in order for users to access their own.
An alternative to bitcoins is Altcoin. It was introduced to the world as an alternative digital currency for those users who weren't happy with bitcoin. Altcoins are meant to offer users what bitcoins can't. However, the same basic idea was used to invent both types of digital currencies.
Altcoin is the general term that is used when referring to digital currencies such as Feathercoin, Dogecoin, Litecoin and Zetacoin. Of all these digital currencies the one that has been the biggest competition for bitcoins is Litecoin.
However, the original altcoin is Namecoin, which dates back to 2011. In addition to acting as a currency it is also used to take domain name registrations and decentralize them. The goal of this is to make it more difficult for Internet censorship to take place.
In the short time that it has existed, Namecoin has achieved much success. Yet it has faced its share of setbacks as its market value is not as high as it could be, a trait most altcoins share. As a result, the market can easily manipulate these currencies.
Anyone that is interested in purchasing altcoins can do so by finding a cryptocurrency job board and posting an ad on it. There are also exchange sites where bitcoin users can trade in what they have to get altcoins. Many people will purchase bitcoins and then use them to purchase their altcoins they want.
One of the most entertaining ways to obtain altcoins is to enter an online community for them. Many of these communities run promotions where they will give altcoins away to lucky people.
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