Crypto is a form of digital currency which is based on an open source code that was created and is held electronically. Crypto is a decentralized form of currency, meaning that it does not belong to any form of government and is not controlled by anyone.
The original Crypto code was designed by Satoshi Nakamoto under MIT open source credentials. In 2008 Nakamoto outlined the idea behind Crypto in his White Paper, which scientifically described how the cryptocurrency would function. Crypto is the first successful digital currency designed with trust in cryptography over central authorities. Satoshi left the Crypto code in the hands of developers and the community in 2010. Thus far hundreds of developers have added to the core code throughout the years.
Crypto mining is analogous to the mining of gold, but its digital form. The process involves specialized computers solving algorithmic equations or hash functions. These problems help miners to confirm blocks of transactions held within the network. Crypto mining provides a reward for miners by paying out in Crypto in turn the miners confirm transactions on the blockchain. Miners introduce new Crypto into the network and also secure the system with transaction confirmation. They are also rewarded network fees for when they harvest new coin and a time when the last Crypto is found mining will continue.
This is a yet another controversial topic. Because of the freedom and the degree of anonymity that the use of Crypto offers, many users who were seeking to purchase or solicit illegal goods or services initially turned to the use of Crypto as a method of payment.
Again, when a user decides to use a specific type of software for their Crypto wallet, they are deciding what direction the Crypto network is heading towards. In other words, you need the cooperation of nearly every single user in order to modify any aspect of the Crypto protocol.
Participants in Crypto transactions are identified by public addresses – those are the long strings of around 30 characters you see in a person’s Crypto address, usually starting with the numerals ‘1’ or ‘3’. For every transaction, the sending and receiving addresses are publicly-viewable.
Cryptos can be sold locally using LocalBitcoin, on Crypto brokerages / exchanges, using two-way Crypto Teller Machines (BTM’s) or you can pay for a good or service with them. Cryptos can be sold to just about anyone as long as they have a Crypto address, and can be sold for any fiat currency in the world or traded for a physical good. Feel free to check out our recommended list of exchanges and brokerage services to sell your Cryptos online.