Cryptocurrency

Many of our family & friends ask what the hell crypto currency is ?

Well here is how I answer this question:

Cryptocurrencies are like regular currencies except they’re entirely digital. Each individual cryptocurrency coin is fundamentally just a collection of numbers and letters.

This sounds complicated, but it’s actually not far off from what we see with currencies today. Money(Note) have serial numbers, and bank accounts have account numbers. Cryptocurrencies are basically like serial numbers without the physical bill, and cryptocurrency wallets are like bank account numbers without your name attached to them. Instead of the bank or government keeping track of your wallet balance, this is done by computers that connect to a cryptocurrency network to process transactions and earn cryptocurrency for doing so. There are two types of Cryptocurrencies: 1.Coins 2.Tokens.

Coin

Coins are built on their own native chains, for example Ethereum and Bitcoin. Coins refer to cryptocurrency build on their independent blockchain network.

Token

Tokens refer to cryptocurrencies that don't have any blockchain network on their own, instead these use to bulid on another blockchain. Ex: Maker, BAT, Tether

This brings us to the end of the article.

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Hope you enjoyed it!!