Cryptocurrencies Explained [INFOGRAPHIC]

Courtesy of Mrbtc.org

Cryptocurrency today is no more an alien to the people in the cryptoworld.  But yes there are few people who are still not aware of the cryptoland nor the cryptocurrencies. These cryptocurrencies were not created in a day or a night, it all started with a movement called cypherhunk in the 1980s. The movement was all about a social and political change using the privacy enhancing technologies like the cryptography, it is named cypherhunk movement because it was started by an activist named cypherhunk.

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Cryptography is a form of encryption which is based on the complex mathematical theories and best computer programming’s which is practically not feasible to decrypt. The origin of Bitcoin which is a cryptocurrency traces back to the history of cypherhunk movement which has developed and tested the cryptography based on which Satoshi Nakamoto who belongs to the group of cypherhunks has discovered the Bitcoin.

Cryptocurrencies can be defined as the cryptographic currencies which use cryptography to secure them from the worldwide functioning and correct payments. Cryptography is derived from the Greek word Kryptos and Graphein which literally means secret and writings. The secret way of writing is nothing bur encryption, which is done by complex mathematical theories and computer science algorithms which are very tough and arduous to be cracked. These cryptocurrencies are also called as Digital or Virtual Currencies.

Bitcoin was the first cryptocurrency which was created but posts its launch it gave birth to many new and numerous cryptocurrencies called Altcoins. These cryptocurrencies would not have been possible without the Blockchain Technology. This technology makes the cryptos possible and tampers proof. Blockchain is an online database which allows anyone and anywhere to use it just with an internet connection. As it works on the internet it is decentralized, which means the blockchain ledger is shared on all the computers and not limited to one central location.

The cryptocurrencies run on the blockchain system which is an open top and decentralized system, whereas the fiat currencies are the centralized ones which are controlled and printed by the central banks.  Bitcoin is a form of cryptocurrency is born and produced on the blockchain, which is a set of mathematical rules and computer logics so as no entity can control or print it as many as they want.

The fundamental difference between the Fiat currency and Cryptocurrency is the transparency, control and distribution. The future of these crytpos looks bright because many people are learning about the revolution and are slowly appreciating the fact of having an alternative to the traditional banking ones.

Check out the following infographic on Thirty Three Cryptocurrencies Described in Four Words or Less, developed by our friends at Mrbtc.org.
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