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And what is CryptoCurrency with simple words?
A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies.
Bitcoin, created in 2009, was the first decentralized cryptocurrency. Since then, numerous other cryptocurrencies have been created. These are frequently called altcoins, as a blend of alternative coin. Bitcoin and its derivatives use decentralized control as opposed to centralized electronic money and central banking systems. The decentralized control is related to the use of bitcoin’s blockchain transaction database in the role of a distributed ledger
Who is Bitcoin creator?
Bitcoin is the first implementation of a concept called “cryptocurrency”, which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. The first Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the project in late 2010 without revealing much about himself. The community has since grown exponentially with many developers working on Bitcoin.
But who produces the Bitcoins?
No one person produces bitcoin. Bitcoin is a decentralized currency which means that no group of person controls it. How it works is Bitcoin miners verify transactions and in turn for doing this work, they are paid in bitcoin.
How Rich is he?
An analysis by Sergio Lerner, an authority on bitcoin and cryptography, suggests that Satoshi mined many of the early blocks in the bitcoin network, and that he had built up a fortune of around 1 million unspent bitcoins. That hoard would be worth $1bn at November 2013’s exchange rate of $1,000.
How to Make Money with CryptoCurency?
A basic definition of investment is to set aside money today to earn more money, through either asset appreciation or a stream of income, at a future date. A typical view of this by investors focuses on the former, asset appreciation. “What is the price of bitcoin today?” Many investors focus on timing the market to “buy low, sell high”. Bitcoin, the world’s biggest cryptocurrency, soared more than 1,700% last year, hitting a record high just shy of $20,000 as institutional and retail investors around the world snapped up the virtual currency. While a lot of attention has been placed on burgeoning cryptocurrencies like Ethereum and Ripple, both of which have risen by more than 10,000% year to date, their gains pale in comparison to a unique virtual coin that’s come out of practically nowhere to surge 201,000% since the year began.