FUNDAMENTALS OF BLOCKCHAIN AND CRYPTOCURRENCIES

The word "cryptocurrency" refers to a form of currency that is kept in digital form and is transacted completely through the use of the internet. There is no physical exchange of goods or services involved in the use of this form of currency. It functions as a medium of exchange just like any other fiat currency, such as the Nigerian Naira (NGN), the United States Dollar (USD), or the Euro (EUR), but it is distinct from other fiat currencies in the sense that it was developed specifically to facilitate the cryptographic transfer of digital information. Examples of other fiat currencies include the Nigerian Naira (NGN), the United States Dollar (USD), and the Euro (EUR). Using the underlying technology known as blockchain, cryptocurrencies are able to conduct transactions in a manner that is decentralised, transparent, and incorruptible. The fact that transactions involving cryptocurrencies don't need to be approved by any kind of centralised authority is one of the reasons why they offer ordinary people more power. It is generally agreed that Satoshi Nakamoto was the inventor of the world's first and currently most popular cryptocurrency, which was given the moniker Bitcoin in 2009. There are currently over three thousand distinct cryptocurrencies that can be categorised as either shares or notes. These cryptocurrencies are decentralised digital assets. Any digital currency that is not Bitcoin is referred to as a "Altcoin," which is short for alternative cryptocurrency. Tokens are a type of cryptocurrency that are developed on top of an existing blockchain. Tokens have their own unique digital identities. Tickets do not have their own blockchain; rather, they are dependent or reside on the blockchain of an existing cryptocurrency that was established previously. Tokens are able to exist in a wide variety of guises, including the Basic Attention Token (BAT), Bancor Tokens (BNT), Status Tokens (SNT), and a great number of other varieties.