Put simply, cryptocurrency is digital money, which is designed in a way that it is secure and anonymous in some instances. It is closely associated with internet that makes use of cryptography, which is basically a process where legible information is converted into a code that cannot be cracked so as to tack all the transfers and purchases made.
Cryptography has a history dating back to the World War II, when there was a need to communicate in the most secure manner. Since that time, an evolution of the same has occurred and it has become digitalized today where different elements of computer science and mathematical theory are being utilized for purposes of securing communications, money and information online.
The first cryptocurrency
The very first cryptocurrency was introduced in the year 2009 and is still well known all over the world. Many more cryptocurrencies have since been introduced over the past few years and today you can find so many available over the internet.
How they work
This kind of digital currency makes use of technology that is decentralized so as to allow the different users to make payments that are secure and also, to store money without necessarily using a name or even going through a financial institution. They are mainly run on a blockchain. A blockchain is a public ledger that is distributed publicly.
The cryptocurrency units are usually created using a process that is referred to as mining. This usually involves the use of a computer power. Doing it this way solves the math problems that can be very complicated in the generation of coins. Users are only allowed to purchase the currencies from the brokers and then store them in cryptographic wallets where they can spend them with great ease.
Cryptocurrency mining programs: catalog of the best mining programs for cryptocurrency mining on a computer processor, video cards (NVIDIA, AMD)
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