What is cryptocurrency and how does it work?

cryptocurrency, currency in digital form that is not overseen by a central authority. The first cryptocurrency was Bitcoin, created by an anonymous computer programmer or group of programmers known as Satoshi Nakamoto in 2009.

What was the first cryptocurrency?

The first cryptocurrency was Bitcoin, created by an anonymous computer programmer or group of programmers known as Satoshi Nakamoto in 2009. Satoshi Nakamoto was concerned that traditional currencies were too reliant on the trustworthiness of banks or governments to work properly.

How are cryptocurrency transactions recorded?

Transactions are recorded in “blocks” that are then linked together on a “chain” of previous cryptocurrency transactions. “Imagine a book where you write down everything you spend money on each day,” says Buchi Okoro, CEO and co-founder of African cryptocurrency exchange Quidax.

Which cryptocurrency came closest to success?

The ones that came closest were DigiCash, HashCash and B-money. None of them got the technology quite right or the support they needed to succeed. The story of cryptocurrency really gets started with Bitcoin. Bitcoin was the world’s first real cryptocurrency, and is still the most famous.