Cryptocurrency has been in existence for more than ten years however, there are many people still not aware of
Bitcon and cryptocurrency in general. Cryptocurrency as we know it today, all started with a movement called cypherpunks during the 1980’s.
The movement was all about a social and political change using privacy enhancing technologies such as cryptography, known as the cypherhunk movement because it was started by an activist named cypherhunk.
Cryptography is a form of encryption which is based on the complex mathematical theories and computer programming. The origin of Bitcoin the cryptocurrency, traces back to the history of cypherhunk movement which developed and tested the cryptography.
Cryptocurrencies can be defined as cryptographic currency. Cryptography is derived from the Greek word Kryptos and Graphein which literally means secret and writings. The secret way of writing ist encryption, which is executed with complex mathematical theories and computer science algorithms which are very tough and arduous to be cracked. These cryptocurrencies are also called as Digital or Virtual Currencies.
Bitcoin was the first cryptocurrency to be created but post its launch, many new and numerous cryptocurrencies called as Altcoins were developed. These cryptocurrencies would not have been possible without Blockchain Technology which can be compared to a ledger of transactions, a decentralised network.
The majority of cryptocurrencies developed are open source, decentralised and supported by their individual blockchains vs Fiat currencies (local Government backed currency) which are the centralized, controlled and printed by central banks.
The fundamental difference between the Fiat currency and Cryptocurrency is the transparency, control
Check out the following infographic by our friends at MrBtc.org
33 Cryptocurrencies Described in Four Words or Less