Cryptocurrency is a digital or virtual currency that uses cryptography to secure its transactions and to control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009.
What is Bitcoin?
Bitcoin is a cryptocurrency and a payment system, first proposed by an anonymous person or group of people under the name Satoshi Nakamoto in 2008. Bitcoin is unique in that there are a finite number of them: 21 million. As of February 2018, over 17 million bitcoins had been mined. Bitcoin can be used to pay for goods and services, or held as an investment.
What is Ethereum?
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. Ethereum is powered by the Ether token. Ether can be traded for goods or services, or held as an investment.
What is a blockchain?
A blockchain is a digital ledger of all cryptocurrency transactions. It is constantly growing as "completed" blocks are added to it with a new set of recordings. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Bitcoin nodes use the block chain to differentiate legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.
What is a cryptocurrency wallet?
A cryptocurrency wallet is a digital wallet that stores the public and private keys needed to authorize cryptocurrency transactions. Cryptocurrency wallets can be desktop, mobile, or web-based.
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