This Cryptopedia is the complete essence of the information that can be found on the internet about Blockchain & Top Cryptocurrencies like Bitcoin, Ethereum, XRP (Ripple), and many more. In short, this is an encyclopedia of the crypto universe. Through our blogs, we at BitBoysInternational, strive to explain to you everything about the crypto world so you won’t have to surf around the internet anymore for your queries.
Your search here is over. We shall start by explaining the basics.
Let’s begin with the word Crypto. Crypto means concealed/ secret. Cryptocurrency is also known as Internet money or digital currency. It is a digital entity that acts as a medium of exchange digitally. Cryptocurrencies are generally made on the most secure digital ledger technology known as Blockchain which keeps track and record of all transactions held within the database.
The world’s first decentralized cryptocurrency that came to be known is Bitcoin also known as BTC or XBT, which came into existence in 2009. Its creator, Satoshi Nakamoto is still a mystery. No one knows who Satoshi Nakamoto is, Where did he come from and Where did he vanish after doing such a mind-boggling invention. This invention of his proved to be a total internet-breaking revolution for all.
Since then, a lot of other Altcoins (alternate variants of BTC and other cryptocurrencies) have come into existence.
Why use Cryptocurrencies?
Blockchain is considered to be the topmost reason to use cryptocurrencies as Blockchain is more secure and efficient.
Owner Rights: Cryptocurrencies can be totally owned by you. You need not look out for anyone to give you any kind of usage rights. No other Electronic Cash System offers you this facility.
Easily Accessible: Today almost everyone has an internet connection through which you can access your cryptocurrencies 24*7.
Lightning-fast payment settlements: Blockchain technology allows you to maintain a secure and fast ledger for your transactions.
Tamper Proof: Cryptocurrencies are so secure that they can’t be tampered easily. In case if someone tries to tamper with them, they can be easily tracked through blockchain technology. Even the owner’s identities can be kept encrypted.
Decentralized: Neither the bank nor the government can control them.
More insight into this Crypto encyclopedia:
“The future of money is Digital currency – Bill Gates “