I am sure most of my visitors already know enough about Cryptocurrencies to be able to move on to other information here on my website. But for the curious, and the beginner I am happy to share this world of information with you. Cryptocurrencies like Bitcoin, and Altcoins are nothing more than digital currency designed as a medium of exchange. Through Cryptography (secure coding) transactions are completed safely, and securely for the transferring, and creation of these digital currencies. Very simply though cryptocurrencies are just entries within a database that cannot be changed unless certain requirements are met.
So where did cryptocurrenices start?
In early 2009 an anonymous group of programmers possibly being led by a single programmer under the alias Satoshi Nakamoto devised the peer-to-peer electronic cash transferring system for transferring Bitcoin. This system was created with the goal in mind of being decentralized, meaning that no servers are involved, and it is kept without a central controlling authority.
Within this decentralized network every participant has its own individual purpose which is done via the Blockchain. The Blockchain is easily the most overlooked aspect of this peer-to-peer monetary system, and misunderstood by individuals seeking to get a start with Bitcoin. The Blockchain is a public ledger of every transaction to ever happen within the network that governs bitcoin, and is available to be seen by everyone. Anyone’s transactions as well as account balances are available for view from via the Blockchain.
For every transaction that takes place both a sender, and a recipient have public keys or wallet addresses. Before a transaction of sending any amount of cryptocurrency can be sent the sender must verify this transaction with a private key.
Within any network for cryptocurrencies, miners are set to confirm any transaction, and can only do so by solving algorithms. These miners take transactions, and mark them as a legitimate then spread them across the network. Once completed it is then added to the database thus making it irreversible. It is by supporting this system that individuals with custom built mining computers or “rigs” can receive rewards in Bitcoin or other Altcoins.
Purely for speculative interest I have pulled the top Altcoin’s from Criptocoincharts.info as of 12/24/2017, and you can check out this website for current Altcoin prices as well as Walletinvestor.com for possible prediction of the prices of each of these coins in the future!