what is Bitcoin and altcoin

What is Crypto Money?

What is Crypto Money?

Crypto money is a digital, encrypted, virtual currency that can be used in exchange transactions. the currency of the future according to the vast majority.

Cryptocurrencies have not been heard of, they have managed to attract the attention of a large segment from the state administration to large companies. Blockchains with hash functions are used to verify and securely protect buy and sell transactions. There is no physical equivalent.

As in today’s banking systems, money exchanged or transferred with bank and credit cards are also processed virtually, transactions only create data transfer in the system. In fact, we are not considered to have used the hand-held money with debit and credit cards. The working system of crypto coins has the same logic. Its most distinctive feature is that it creates assets with a decentralized system, which is not managed under the control of the governing authority or governments, and ensures that the system is more secure. Each unit participating in the blockchain network is the same as the center. All transactions are kept with the same data distributed to participants around the world.

The Beginning of Cryptocurrency

Although the concept of digital money started our lives with Bitcoin, they were developed during the period when computers such as Beenz, Flooz and Digicash, which pioneered Bitcoin, were widely used. Actually, they were going well, but things did not go well due to reasons such as management problems, inability to prevent fraud, and not being able to manage financial resources well. Thus, a large network chain, which is decentralized, recorded by everyone and authenticating each other, is strongly encrypted. The fact that the creators are unknown for blockchain and bitcoin is the best example that they are not managed by central authorities.

The first cryptocurrency is Bitcoin , Satoshi Nakamoto in early 2009It started to be introduced in the deep web with its pseudonym. Satoshi Nakamato started to introduce this system, which was developed as an open source software, by mail on the deep web. Until now, it is not known who or who Satoshi Nakamato were. If you are someone who was dealing with computers and the internet in the 2000s, you are familiar with file sharing programs. Blockchain, which works with the same system, has advanced a little more, encrypting all information end-to-end and transforming it into distributed ledgers. Each unit participating in the blockchain network holds ledgers with the same records, and when a transaction order is created, some ledgers are selected and after the transaction is verified and approved, this information is distributed to the entire network. Since 2009, error-free transactions have been carried out.

So far, we have understood most issues or will understand in time. Things have been going well since the beginning. However, the question of many of us has not been clarified yet. Who Is This Satoshi Nakamoto?


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