Transparency: The public ledger allows anyone to view and verify transactions, promoting accountability. Over the years, Bitcoin has gained mainstream recognition and adoption, and is now accepted as a form of payment by numerous businesses and merchants worldwide. Additionally, Bitcoin has become a popular investment asset, with many viewing it as a hedge against inflation and economic uncertainty. Financial Sovereignty: Users have full control over their funds without reliance on centralised entities, enabling financial inclusion and autonomy.

This innovative approach to digital money challenged the traditional financial system. Bitcoin’s decentralised nature and limited supply (capped at 21 million coins) have contributed to its popularity and value. Laid the groundwork for the entire cryptocurrency ecosystem. As mentioned above, Bitcoin operates on a decentralised network of computers (nodes) that collectively maintain a public ledger, known as the blockchain, that records all Bitcoin transactions in a chronological order, ensuring transparency, security, and immutability.

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Ethereum’s blockchain supports a wide range of applications, from financial services and supply chain management to gaming and identity verification. Solana’s infrastructure allows for processing thousands of transactions per second, making it suitable for high-performance applications and projects. Solana’s technology aims to achieve high throughput and low transaction costs through its unique Proof of History (PoH) consensus mechanism, which enhances the speed and efficiency of the network. Solana (SOL) is designed to support dapps and cryptocurrencies by providing a highly scalable and efficient blockchain platform. Its native cryptocurrency, Ether (ETH), is used to power transactions and computational services on the network, making Ethereum a cornerstone of the decentralised finance (DeFi) ecosystem and beyond.

Find a deeper dive on decentralisation here. Cryptocurrencies use advanced cryptographic techniques to secure transactions and control the creation of new units, and public and private keys are fundamental to this security. It was designed to be a decentralised digital currency, enabling peer-to-peer transactions without the need for intermediaries like banks or financial institutions. A public key serves as an address that others can use to send cryptocurrency, while a private key, known only to the owner, is used to sign transactions, providing proof of ownership and authorisation. Bitcoin (BTC), created in 2009 by an anonymous individual or group of individuals using the pseudonym Satoshi Nakamoto, is the first and most well-known cryptocurrency.

Read our complete wallet guide here. Enabling Two-Factor Authentication (2FA): Adds an extra layer of security, which can help prevent unauthorised access even if a password is compromised. Backing Up Regularly: Ensures access to wallet data in case of device failure and stores backups in secure, separate locations. Security is paramount in the world of cryptocurrencies. Using Strong, Unique Passwords: For exchange accounts and wallets; avoid using easily guessable information. Storing Private Keys Securely: Never share private keys, and keep them in a safe place.