What is cryptocurrency?

  • 0_1540984270340_evolution-money

    Cryptocurrency is essentially another form of currency. It is a form of money that does not require a trusted third party to verify transactions. Regular money transfer is guaranteed by your bank, while a cryptocurrency is verified by millions of computers around the world who reach a shared consensus. This allows for peer-to-peer transactions that do not involve a third party. This could theoretically be faster and safer than regular money transfers. The underlying technology that makes this all possible is called the blockchain.

    Blockchains are distributed ledgers, secured by cryptography. They are public databases that everyone can access and read, but the data can only be updated by the data owners. Instead of the data residing on a single centralized server, for example a bank, the data is copied across thousands of computers worldwide.

    Following the trend, there are other spin-offs, the latest being CryptoKitties. This is NOT a currency, rather it is a digitized collectible that uses the same blockchain technology as cryptocurrency.

    When it comes to cryptocurrency, most Malaysians tend to associate it to and think of Bitcoin, but there’s many other types of cryptocurrency. Currently, there are 1448 cryptocurrencies available over the internet, and the number is growing. However, by market capatilization, Bitcoin does takes the lead. As at publishing date, 1 Bitcoin costs RM45,233. To see the full list of cryptocurrency available, click here.

    The top 5 Cryptocurrency as reported in the 2017 Year in Review Cryptocurrency Report by CoinGecko are:

    • Bitcoin

    • Ripple

    • Ethereum

    • Verge

    • Litecoin







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