What is crypto?
In short, and in layman’s term, it is not paper money or coin and neither it has any official status in any country. It is basically a virtual “currency,” which you can buy, sell, or trade by using real-world money. And then you can use those virtual currencies, i.e., cryptocurrencies to buy/sell/trade anything you want (as long as the other party accepts it as a medium of the transaction) just like regular currencies. That also means that cryptocurrencies are mostly another “commodity” which you must buy, sell, and trade – but can’t earn or get paid by them in almost all regular real-world cases. However, like every new technology, things are changing in favor of the cryptos, and it’s now possible to use cryptocurrencies for transactions in many cases, although it’s still in its infant stage to be even considered as an alternative for regular banknotes. Trustedbrokerz.com is the place where you’ll find further information about this.
There are literally thousands of cryptos available on the internet, but only a few are worth discussing. Today, let’s talk about the biggest cryptos in terms of market capitalization. Market capitalization is the value of a crypto coin, and it gets calculated based on the factors like price, time and the number of coins in circulation. Looking at the primary cryptos, we have Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Ripple. Let’s look at who and when invented each of these cryptocurrencies.
Starting with Bitcoin, it was presented as a project by Satoshi Nakamoto, on the 31st of October, 2008, in the wake of the last major economic crisis. The bitcoin network went online on the 3rd of January, 2009. We still don’t know who is Satoshi Nakamoto, that man (or woman, or a group of individuals, or a company or organization) remained unknown to the world till today. For Ethereum, Vitalik Buterin, A Russian-Canadian, has presented the project in late 2013. The project went online on July 30 of 2015. In the case of Ripple, the project was introduced in 2012 by Jed McCaleb. For Bitcoin Cash, it’s a bit different though. Since bitcoin cash is a fork (we will come back to what is fork later) for the original bitcoin network, its inventor technically is the same person who invented the Bitcoin, Satoshi Nakamoto. Bitcoin cash has been online since July 2017. The last one in the list is Litecoin. This one is not a fork of the bitcoin, but a copy of the core code of the bitcoin. Its inventor Charlie Lee shared the code online on the 7th October 2011, and the network went live just in 6 days later on the 13th October.
Now let’s look at the core ideas of cryptocurrencies and their usage case. For bitcoin, its inventor Satoshi Nakamoto presented the concept of bitcoin as a peer-to-peer transaction system, where neither party has to rely on the “trust” factor. The main idea was to create a digital currency which cannot be controlled by any government, authority, organization, bank, or person, unlike the national currencies that are almost always controlled by central banks.