Cryptocurrency is internet money created on its own blockchain whose transaction takes place between two peers without the involvement by the government.
How many cryptocurrencies do we have
Currently, there are over 1000 cryptocurrencies created on their own blockchain which allow a transaction to take place from one peer to another without involvement by the government.
Which cryptocurrency was the first to be created
Bitcoin was the first cryptocurrency to be released on a white paper in 2009 by unanimous group of people called Satoshi Nakamoto. Up to now, the group has not shown themselves to the public but maybe in the near future, they might decide to showcase their face. Later on, thousands of cryptocurrencies followed the idea of bitcoin.
How does cryptocurrency transaction takes place from one peer to another
The transaction of cryptocurrency takes place from one peer to another by means of cryptocurrency address. One peer must be a sender while another peer must be a receiver. The sender peer must have some balance of the cryptocurrency that they want to send to the receiver while the receiver must provide an address related to the cryptocurrency which the sender want to send. .The transaction must take place from the cryptocurrency wallet account of one peer (the sender) to the cryptocurrency wallet account of another peer( the receiver)This is indicated as from below: For the sender, an empty space for inserting the peer address of the receiver will be indicated as well as the space for inserting the amount to send to the peer address. Here is how the space for the sender looks like; For the receiver, a generated address by the QR must be indicated so that the sender can copy the address and paste it on their empty space and later on click to send.Here is how it looks like;
The transaction will then enter the blockchain of that cryptocurrency to show that the transaction is taking place. If you have always wondered what a cryptocurrency is, i think you now know about it.
