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Cryptocurrencies such as Bitcoin and Ethereum are digital or virtual tokens that use cryptography to secure their transactions and to control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control.
Bitcoin, the first and most well-known cryptocurrency, was created in 2009 by an anonymous person or group of people using the alias Satoshi Nakamoto. Bitcoin is a peer-to-peer (P2P) digital currency that allows for instant payments to anyone, anywhere in the world. Bitcoin is unique in that there is a finite number of them: 21 million.
Ethereum, created in 2015, is a decentralized platform that allows for the creation of smart contracts: self-executing contracts that automatically enforce the terms of an agreement. Ethereum also allows for the creation of decentralized applications (dapps), which are applications that run on a network of computers rather than a single computer.
Cryptocurrencies are often traded on decentralized exchanges, which are exchanges that do not require users to provide identification or other personal information. Cryptocurrencies can also be traded on traditional exchanges, such as the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME).
Cryptocurrencies are gaining in popularity due to their decentralized nature, their potential for use in online transactions, and their growing acceptance by businesses and governments. As of January 2018, the total value of all cryptocurrencies was over $800 billion.
Bitcoin and Ethereum are the two most popular cryptocurrencies, but there are many others, including Bitcoin Cash, Litecoin, and Dash.
Bitcoin, the first and most well-known cryptocurrency, was created in 2009 by an anonymous person or group of people using the alias Satoshi Nakamoto. Bitcoin is a peer-to-peer (P2P) digital currency that allows for instant payments to anyone, anywhere in the world. Bitcoin is unique in that there is a finite number of them: 21 million.
Ethereum, created in 2015, is a decentralized platform that allows for the creation of smart contracts: self-executing contracts that automatically enforce the terms of an agreement. Ethereum also allows for the creation of decentralized applications (dapps), which are applications that run on a network of computers rather than a single computer.
Cryptocurrencies are often traded on decentralized exchanges, which are exchanges that do not require users to provide identification or other personal information. Cryptocurrencies can also be traded on traditional exchanges, such as the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME).
Cryptocurrencies are gaining in popularity due to their decentralized nature, their potential for use in online transactions, and their growing acceptance by businesses and governments. As of January 2018, the total value of all cryptocurrencies was over $800 billion.
Bitcoin and Ethereum are the two most popular cryptocurrencies, but there are many others, including Bitcoin Cash, Litecoin, and Dash.
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