A Newbie’s Guide To Cryptocurrency- Much Ado About Cryptocurrency (A Continuation)

Bitcoin as Viable Currency

How do I know that Bitcoin has value just like real money? Good question! I'll ask you mine. What gives the Euro(€) value over a Pound(£)? Why does Pound(£) have more value than a Dollar($)? What gives these currencies value in the international market? People and government policies (monetary and fiscal). Our demand for these currencies makes them valuable. In the same way, bitcoin has value because of its users. With over 4 million users who actively use Bitcoin cryptocurrency wallet and its market capitalization at $763.44 billion. Market capitalization refers to how much a company is worth as determined by the stock market. This means that there is an established demand for Bitcoin.

Cryptocurrency and Cryptography

Cryptocurrency is a combination of two words; “cryptography” and “currency”. Thus, Cryptocurrency is a digital currency supported by cryptography. The basic principle of cryptography is to conceal information and hide its true content so that only people with permission can access it.



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