Cryptos or Cryptocurrencies are a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. Cryptos can also be called ‘digital currencies’, ‘alternative currencies’, ‘alt coins’ and ‘virtual currencies’.
Bitcoin became the first decentralised cryptocurrency in 2009. Since then, numerous cryptocurrencies have been created. These are frequently called altcoins, as a blend of bitcoin and alternative. Bitcoin and its derivatives use decentralised control as opposed to centralised electronic money / centralised banking systems. The decentralised control is related to the use of bitcoin’s blockchain transaction database in the role of a distributed ledger.
Cryptos include Bitcoin, Ethereum, Litecoin, Dash, NEM, Monero, IOTA, OmiseGO, NEO and Chainlink to name just a few! If you want to see a comprehensive list with current prices see here: https://coinmarketcap.com
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New cryptos are being developed all the time and they are disrupting a lot of industries, as well as solving complicated problems. It’s a fascinating new industry and each country have their own laws regarding the use or taxation of these new virtual coins.
Smart contracts feature in a lot of new cryptos which has opened up a whole world of new applications, and the blockchain technology behind crypto has certainly come on a long way since 2009.
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