What‌ ‌is‌ ‌Cryptocurrency?‌

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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.

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

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1. What is Cryptocurrency?

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

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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. 

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3. What Is Blockchain Technology?

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

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4. What Do Transactions Look Like on the Blockchain?

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

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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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