image source
CryptoCURRENCY is a money that can't be seen physically but it's spent online only as a figure.
cryptocurrency was invented in 2008 and the name of the cryptocurrency is named Bitcoin
the reason why cryptocurrency was invented was because corruption has take over normal money
and USA started printing dollar for thier needs excessively so as other nations including Nigeria printing naira excessively and that's why naira lost its value
so those nation will just print paper money anyhow and that will be affecting we people because everything will become cost due to excessive printing of money
Nigeria
They are printing naira 10x that of USA and that's why naira fall everyday
$1 is now #570
Cryptocurrency does not have paper
It's only online
There are 21 million Bitcoin in this world and Bitcoin was the first cryptocurrency to ever exist
The total Bitcoin can't be over 21million coin so there can't be corruption
It's only limited to 21 million coin
SO in the invention of Bitcoin,
It was given to people for free in 2008 and they called that process MINING
And the total bitcoin that was given for free then was 21 million free bitcoin
During that time, Bitcoin has no value at all
In 2009 it begin to have value and 1 Bitcoin worth $0.01
In 2010 the value of Bitcoin increase and become $0.1
Then you can use Bitcoin to buy anything.
Presently 1 Bitcoin worth $45,000 which is 27 million naira
In next 10years I wonder how much 1 Bitcoin will be
Now there are many other type of cryptocurrency
Bitcoin
Ethereum was invented in 2015 and was also given for free in 2015
Now 1 ethereum worth $3082 which is over 1.5 million naira.
There are many other crypto like
Litecoin,Solana,binance,dogecoin ,pob etc. and each of them have value and it was mined for free.
But after every cryptocurrency has value, it can't be mined for free anymore,the only way is have it is to buy it at it's price.
And if the total mined of any cryptocurrency is one thausand,it can't be more than one thausand again.
There are three types of cryptocurrency
- BITCOIN: Bitcoin was the first cryptocurrency that ever existed.
- ALTCOIN: Example of ALTCOIN crypto are Hive, ethereum,litecoin,Solana,steem, dogecoin,fantom,matic polygon,binance smart chain,Ripple,chiliz,Bitcoin cash,Monero,tron and so on.
This is a set of cryptocurrency that can stand on its own on its own personal blockchain.These cryptocurrency has its own blockchain.
3.TOKEN:These are the third set of cryptocurrency that does not have it's personal blockchain and can't yet stand on its own so they are under a particular ALTCOIN.
Example of token under ALTCOIN hive blockchain are pob token,leo token,sports token,stem token,pizza,luv,bee,alpha,beta, untamed etc.
Example of token under altcoin binance smart chain are safemoon,safemars,wbitcoin,feg,corgidoge etc..
Example of token under altcoin Solana block chain are trollbox,larix etc.