Understanding how cryptocurrencies work is important, not only for Bitcoin enthusiasts, but for all of us. It is the wave of the future, and it’s expected to one day support nearly every aspect of life that is subject to the recording of data.
Once central banks themselves go crypto, the choice between a virtual currency and one backed by a central bank will become a no-brainer.
Cryptocurrencies aren’t money assisted by code – they are monied code, digital assets that have been created as, are transacted as, and continue to be data only.
The jury is still out on whether Satoshi Nakamoto is a real person or group. What’s certain is that he (she/they) have the global financial world in the midst of an upheaval.
Vtalik Buterin created Ethereum as a means of making cryptocurrencies more accessible and usable, and with a speedier decentralized network.
Unlike Bitcoin and Ethereum, Ripple was created originally as a payment network for real-time transactions that would attract financial industry captains.
Litecoin resembles Bitcoin more so than any other cryptocurrency. However, the main difference between the two is the speed and efficiency – favoring Litecoin!