Cryptocurrency/ Bitcoin

Cryptocurrencies are digital assets used in order to exchange goods in services in much the same way that all other forms of currency are used. However, because of the ephemeral nature of a digital currency that only exists on a computer screen, there are a variety of characteristics that distinguish cryptocurrencies from their more traditional counterparts. The most important part of establishing any kind of cryptocurrency is security, for somewhat obvious reasons. Cryptocurrencies rely on encryption and cryptography to secure all financial transactions, control the creation of more of the currency, and to verify that transactions have occurred. Without strong cryptography, it is impossible to prevent theft and fraud on a level that would render the cryptocurrency worthless. One of the main defining characteristics of a cryptocurrency is a form of decentralized control, as an alternative to a centralized digital currency or the current banking system being used across the world today. The way that this works is almost always through something called a blockchain. A blockchain is a constantly growing list of recorded data, which are called blocks, which have all been linked together through the use of cryptography. Blockchain was invented in 2008, by someone (or possibly a group of individuals) using the name of Satoshi Nakamoto, for the purpose of being used by Bitcoin. Bitcoin was the first cryptocurrency to become widely used throughout the world, and remains the most popular of the various cryptocurrencies today.  The reason that blockchain has so quickly become used prevalently throughout …