Today cryptocurrency has become a global phenomenon mostly known to all. Even though majority of the population has heard the term “Crypto”; there are only a handful that truly understand what it is and how it actually works.
The word Cryptocurrency itself can be broken into the two words it has been derived from viz. “Cryptography” and “Currency”
A currency can be defined simply as a system of money that acts as a store of value and which is mainly used as a medium of exchange.
Cryptography on the other hand is the process of converting plain text into unintelligible text and vice-versa. The purpose being; confidentiality, integrity and authentication.
Hence, Cryptocurrency is a medium of exchange in the digital world that relies on encryption and makes transacting secure. It is an alternative form of payment that boasts about being decentralized. They function as a virtual accounting system; that keeps track of every transaction by bundling them into blocks which are cryptographically signed.
There are many Cryptocurrencies listed on PocketBits such as; Bitcoin(BTC), Ether(ETH), Litecoin(LTC), Ripple(XRP) and many more.