What is cryptocurrency?

- [Instructor] Before we get into blockchain,…it is very important to understand cryptocurrencies.…What exactly is cryptocurrency?…You might have heard of different cryptocurrencies,…like Bitcoin, Ether, and even Ripple,…but there are a lot more cryptocurrencies out there,…Waves, Nexus, Dash, Litecoin, and so on.…

Cryptocurrencies are basically digital currencies,…meaning, unlike the dollar bill, which you can…actually hold in your hand, a physical object,…cryptocurrencies are all digital,…meaning, it's just bits and bits and ones and zeroes.…Now, cryptocurrencies are also decentralized currencies,…meaning, you can simply send them over the internet…to anyone in any part of the world.…

No one controls cryptocurrencies.…So it's independent and there is no one…who is controlling or generating these currencies.…Cryptocurrencies and especially Bitcoin,…which is the most famous cryptocurrency,…was originally developed by someone named Satoshi Nakamoto.…Now, we don't really know if this is an individual person…or a group of people, we don't know, and no one knows.…