First, note there are various types of cryptocurrencies, and for the purposes of this piece, I’ll focus on easily the most mentioned and used: Bitcoin (BTC) and Ether (ETH).
Bitcoin was the very first blockchain – a financial one – created by an individual (or group, who knows) called Satoshi Nakamoto in 2008. Its value has exponentially increased to a ridiculous level: you may have seen pieces swirling around the Internet such as “if I had brought $100 of bitcoin back in 2010, I’d have over US$100 million now” or about Bitcoin’s first billionaires. An increasing number of retailers and internet sellers are beginning to accept Bitcoin as a method of payment.
Without going into too much detail, while Ethereum is very similar to Bitcoin, its uses extend beyond the mere financial side of things such as mining, into the provision of services on its own particular blockchain. Ethereum provides built-in software programming languages which can be used to write, for example, smart contracts that can be used for many purposes, including the transfer and mining of its own tradeable digital token, Ether (which is even more complex than Bitcoin).
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