Elucidating FIAT Currency

Elucidating Fiat Currency

Fiat currency comes devoid of any inherent value unless recognized by law or government regulatory body as money.

Fiat currency examples:

Introducing Cryptocurrencies

Cryptocurrencies are digital assets that enable peer-to-peer transactions financial and otherwise, along with smart contract execution on a decentralized network online. The first-ever crypto transaction was successfully conducted by deciphering the “double-spend” problem via programming and advanced cryptography.

Blockchain

Cryptocurrency transactions are recorded on public distributed ledgers called ‘blockchain’. It is one of a kind digital currency that does not require an intermediary to process transactions from one to another.

Nodes

You cannot move cryptocurrency from one place to another like fiat while send/receive. Post-transaction it’s the ownership of the digital asset that changes on the specific blockchain. It is stored on globally spread nodes and fortified by cryptography, a set-up that can be run by anyone provided access to the right resources.

Tokens

Some digital assets run on top of another blockchain network, which is known as tokens.

Wallets

Cryptocurrencies don’t have a physical storage location. There are virtual wallets that secure the cryptographic keys required to access digital assets on a blockchain.

Confirmation

Multiple confirmations are required before crypto credit and deposits to ensuring zero chances of double-spending.

Privacy

Blockchain networks being public, digital assets or cryptos are considered to be pseudo-anonymous. Cryptocurrencies strive to uphold and enhance user privacy, with some focusing on just that specifically.

Summary

Cryptocurrency also considered as a digital asset, is a globally distributed financial ledger, with Bitcoin (BTC), Ethereum (ETH) as some of the most prominent ones with numerous others being used fervently.

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