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Understanding Cryptocurrency and the Role of Bitpapa


What is cryptocurrency?

Well, let’s look at the word itself. The prefix, ‘crypto-’ is derived from the Greek word ‘Kryptos’ which means ‘encrypted or hidden’ & the word currency is from the Latin word ‘currere’ meaning ‘run’. In simple words, cryptocurrency is digital money made safe by cryptography Cryptocurrency is not monitored by any central banking or government bodies, which implies it cannot be meddled with or grappled with. This makes cryptocurrency safer to use and harder to be feigned with. Now the question arises if it is not monitored by a government body so how is it regulated?


It is organized by a peer-to-peer network called the blockchain look here. A blockchain is a distributed data collection that is shared between nodes within a computing network. Blockchain maintains a secure and scattered record of transactions. When new data comes in, it will be recorded in a new block. When a block is full of data, it is chained with the previous block and the data is chained in chronological order.

Evolution of Cryptocurrency

The first cryptocurrency emerged in 2009 and there have been billions of dollars of cryptocurrency ever since. Different types of crypto generally fall into one of two categories. Coins that may include Bitcoin and Altcoin (non-Bitcoin cryptocurrencies).

Bitcoin, which heralds the era of cryptocurrencies, is the coin that people commonly refer to when talking about digital currencies. Its mysterious author, Satoshi Nakamoto, (widely believed to be the pseudonym of an individual or group of people whose exact identity remains unknown) introduced the currency in 2009 and has been on a roller coaster ever since. However, it took until 2017 for cryptocurrencies to penetrate public awareness.

The name “altcoin” began as an abbreviation for “alternative to Bitcoin” and most altcoins were introduced to enhance Bitcoin in some way. Examples of altcoins are Namecoin, Litecoin, Peercoin, Ethereum, and USD coin. Developed in 2015, Ethereum is a blockchain platform with its cryptocurrency called Ether (ETH) or Ethereum. This is the most popular cryptocurrency after Bitcoin.

How to buy cryptocurrency?

To purchase cryptocurrency, you must first choose a broker or crypto exchange, establish and verify an account, deposit funds to invest, place a cryptocurrency order, and choose a storage option.

Buying crypto is one of the simplest tasks that can be done in seconds. Today there are several platforms such as that can allow a person to trade or buy the coins in seconds. There is no longer a need to look for different websites for different currencies when all can be done in one place. So, if you are also interested to buy crypto, then this platform would be the best to choose and get the crypto thing started. Also, the key reason why people go for this platform is due to the security level. The number of the online platform available for the same is much high. Due to such rising problems, the number of scam websites has also increased. So if you are in search of getting the best platform, choose the one recommended above.