For a while now, we have been hearing quite a lot of definitions for cryptocurrency. Well, let’s take the simplest cryptocurrency definition: Cryptocurrency is a digital or virtual currency/assets that also works as a medium of exchange. Cryptocurrency grasps or uses cryptography and blockchain to secure any form of transaction.

The grasps of blockchain makes cryptocurrency decentralised and transparent. No one needs permission from any higher authority to own crypt currencies or cripto coins. If you want hold some coins, then all you need is to get a wallet to store your coins. Holding crypto is very simple and easy because you have power to make transactions at anytime.

HISTORY OF CRYPTOCURRENCY

The very first crypto currency to be launched was Bitcoin the mighty of all cryptos, of course, it is the reason why bitcoin rings in most peoples mind when they hear Crypto-currencies.Bitcoin was invented by an unknown programmer called Satoshi Nakamoto, claimed to be born on April 5 1975 and from Japan. His motive was to create a Peer to Peer Electronic Cash System which many people tried creating a while back. But his invention resulted in creating bitcoin.

IS CRYPTOCURRENCY LEGAL?

Well, in most countries cryptocurrencies are legally operating, but there is no law stating that holding or trading bitcoin or any other cryptocurrencies is illegal. Countries like United States, Canada, UK and others accept the use of cryptocurrencies whiles other countries like Russia, Afghanistan, Pakistan etc do not allow cryptocurrencies to function. For those countries that crypto currencies are allowed to regulate, users can use them as another payment method.