The Rise of Cryptocurrencies: A Beginner's Guide
Introduction: Cryptocurrencies, often heralded as the money of the future, have made significant waves in global financial markets. What began with Bitcoin in 2009 has expanded into a vast ecosystem with thousands of digital coins. This guide delves into the basics of cryptocurrencies, tracing their evolution and exploring their potential impact. 1. What are Cryptocurrencies? Cryptocurrencies are digital or virtual forms of currency that use cryptography for security, making them resistant to counterfeiting. Unlike traditional currencies issued by governments (known as fiat currencies), cryptocurrencies operate on a decentralized platform, typically a technology called blockchain. 2. The Genesis – Bitcoin: - Satoshi Nakamoto: In 2008, an unknown person or group of people using the pseudonym Satoshi Nakamoto released a whitepaper on Bitcoin, outlining it as a peer-to-peer electronic cash system. - Decentralization: Bitcoin's most distinguishing feature was its independence from ce...