📝Facts about Cryptocurrency

Cryptocurrency is a digital currency designed to act as a medium of exchange through a computer network that does not rely on any central authority, such as a government or bank. To understand cryptocurrency, we need to first understand blockchain technology. A block chain is a distributed ledger, and a ledger is a shared database that stores data. In simple terms, you can imagine a large number of miners sitting in front of a large number of computers writing and solving codes to secure data within the blockchain. This prevents counterfeit or double-spend, and since most cryptocurrencies are not issued by central authority (e.g. the government), they are decentralised. This means that theoretically, it is extremely difficult or impossible to change, hack, or cheat the system.

Even though some people may associate cryptocurrency with illegal activities, due to the history of cryptocurrency and people’s ignorance of the technology, cryptocurrency has grown to be just as legitimate and popular as many other currencies with various advantages. Some of these advantages include portability, divisibility, transparency, inflation resistance, decentralisation, and no third party.

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Reading List for Enthusiasts：

1. The Bitcoin Standard: The Decentralised Alternative to Central Banking coins ➡️ Comprehensive exploration of Bitcoin and its monetary history.
   

2. The Basics of Bitcoins and Blockchains: An introduction to Cryptocurrencies and the Technology that Powers Them ➡️ Clear and extensive introduction of basics of Bitcoin and Blockchain.
   

3. Blockchain Basics: A Non-Technical Introduction in 25 Steps by Daniel Drescher ➡️ Thorough explanation of blockchain technology in 25 steps without leaning on program code, mathematical formulas, or other jargon.

Videos:

1. Cryptocurrency In 5 Minutes https://www.youtube.com/watch?v=1YyAzVmP9xQ

2. Bitcoin explained and made simple https://www.youtube.com/watch?v=s4g1XFU8Gto

Coin of the month:

In 2009, an anonymous developer or a group of developers with the pseudo name Satoshi Nakamoto introduced the first decentralised cryptocurrency, Bitcoin. It was designed to act as a form of payment that’s “peer-to-peer, with no trusted third party”. Because Bitcoin incorporates blockchain technology, it is decentralised, and this property went on to attract many people’s attention. Bitcoin can be mined by computing complex mathematical equations – the type of algorithm that requires a huge number of computers working together to solve. Since its invention, Bitcoin has gone on to inspire the development of many other cryptocurrencies, which we will introduce at some point in our newsletters.