Cryptocurrency

Cryptocurrency is a digital currency that has been secured with the help of cryptography. The term was first derived in 1983 when American cryptographer David Chaum first introduced the concept of ecash. The first-ever cryptocurrency to achieve mainstream popularity is Bitcoin (BTC), introduced in January 2009.

Bitcoin is based on the concept of blockchain, which is a high cryptographically secured chain of networks. The blockchain consists of numerous independent nodes that participate voluntarily to oversee the entire functionality.

Each blockchain network is maintained and updated by the use of a highly effective system of operation called proof-of-work. This goes without saying, the cryptocurrency market has expanded exponentially with its total valuation in billions.