What‌ ‌is‌ ‌Cryptocurrency?‌

Cryptocurrencies like Bitcoin, Ethereum, and dozens of lesser-known digital currencies frequently appear in the news, often following wild price spikes, and sometimes to cover the revolutionary blockchain technology they are built upon.

This article strives to answer eight frequently asked questions about cryptocurrency in the most unbiased manner possible.

1. What is Cryptocurrency?

Cryptocurrency is any digital store of value that one can exchange for goods and services. 

2. What Is the Purpose of Cryptocurrency?

Cryptocurrency was initially conceived as a way of as a virtual currency and alternative form of payment versus traditional banking. 

3. What Is Blockchain Technology?

All cryptocurrency transactions are recorded on a blockchain public ledger. These ledgers are known as decentralized networks. 

4. What Do Transactions Look Like on the Blockchain?

Every transaction includes three critical pieces of information: Input, Output, and Amount.

5. How Do Cryptocurrency Wallets Work?

Each wallet consists of two random strings of characters. The first string acts like a username to signify your account on the blockchain, while the second is a private key or password.

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