Mika
VIP Contributor
Crypto means encryption of data and currency means money. Therefore, crypto currency is encrypted data that is used as currency. Bitcoin is the world’s first crypto currency, or let say the world’s first digital currency (a currency that exists only in the virtual world)
Bitcoin was started as a digital payment system that eliminated the intermediate system like banks and allowed to send funds directly between two individuals or businesses without hassles. For 4-5 years after bitcon was launched, there were only a few crypto currencies and they were all used as a payment system. In 20016 and 2017, a lot of new crypto currencies evolved. With the evolution of new currencies and the increasing price of the existing crypto currencies, crypto currencies were no longer a payment system, people started using them as a digital assets. These days crypto currencies are popularly called crypto assets.
Bitcoin was started as a digital payment system that eliminated the intermediate system like banks and allowed to send funds directly between two individuals or businesses without hassles. For 4-5 years after bitcon was launched, there were only a few crypto currencies and they were all used as a payment system. In 20016 and 2017, a lot of new crypto currencies evolved. With the evolution of new currencies and the increasing price of the existing crypto currencies, crypto currencies were no longer a payment system, people started using them as a digital assets. These days crypto currencies are popularly called crypto assets.