Cryptocurrency – A Short Introduction

Cryptocurrency – A Short Introduction

Cryptocurrency. Bitcoin. Ethereum.

Whether you’ve read an article online or heard one of your friends speak about the price, we’ve all heard one of them mentioned at some point, haven’t we? Or for those of you who haven’t…


What is a Cryptocurrency and what is Bitcoin?

Early examples of cryptocurrency were first shown by an intelligent cryptographer in the 1980’s called David Chaum. He came up with an extraordinarily secure algorithm that allowed for the kind of encryption required in electronic fund transfers. Although that sounds very interesting and I’m sure you’d like to read about it all day (not!) there is a lot more to it.

Cryptocurrency is a form of digital currency. It’s encryption techniques are used to balance the generation of units of currency and verify the transfer of funds. This allows it to operate without the use of a central bank. Bitcoin is a type of cryptocurrency – almost like the way we have the Dollar, Pound and Euro. There are many different types of crypto-currencies and they’re all independent to one another. For example, Ethereum, was created after Bitcoin (August 2014) and is currently worth £149 per unit.

Growth charts for crypto-currencies are usually very fast growing . This is mainly because it is seen as a secure method of payment, and in general just an easier to work with currency. Furthermore, more people are beginning to use it. Looking at the chart below, you can see how volatile the growth is. Bitcoin went from being valued at £77 in August 2013 to an astonishing £1820  per unit today. There is no doubt that people who invested back in 2013 are living up the highlife now.

Who uses them?

Thousands of online retailers accept Bitcoin. This includes companies such as; Microsoft, Reddit, WordPress and even us. There are also many local businesses that accept Bitcoin payments over the counter too. Although this is uncommon here in the UK and the USA, Burger King in Russia have released a statement saying they will start experimenting with them later this year (find out more).


Will crypto-currencies be the most popular form of payment method after 2017? Maybe it’s too soon to tell, but if there’s one thing we know for certain, it is that the currency definitely attracts a wide range of tech-savvy individuals, which points to the fact that there’s a big future ahead.

[sg_popup id=1]

Why not check out another post?

Cryptocurrency – A Short Introduction

Cryptocurrency. Bitcoin. Ethereum. Whether you've read an article online or heard one of your friends speak about the price, we've all heard one of them mentioned at some point, haven't we? Or for those of you who haven't...   What is a Cryptocurrency and what is...

read more

Up and Coming Apps of 2017

Airtime Allows you to video chat whilst you watch, share and react to YouTube’s latest and best videos. Be together and it doesn’t matter where you are, you can chat and have fun! Gather round the TV without having to move anywhere, it’s now all in your phone. Peach...

read more

Easy Ways to Increase Traffic on Your Website

Getting traffic on your website is what makes your business more successful. Ask any business owner  or marketer what makes businesses strive and they’ll reply, ‘more customers and exposure’. It’s what essentially is the make or break of your company. As well as...

read more

3 Essential WordPress Plugins for Small Businesses

WordPress is an online tool which can be used to build all sorts of websites, platforms, and creations. It is most commonly known for hosting a lot of blog websites. However, there are so many websites that actually use it as their main platform to put up regular...

read more

All About SEO and Improving It

SEO is short for Search Engine Optimisation and is the process of getting traffic to your website through search results on different search engines; whether it is Google, Bing or even Yahoo. Getting traffic to your website helps people see it more often, the general...

read more

Responsive Web Design – What is it and do I need it?

The web development and design business is forever changing. Being able to make your website responsive to the amount of new gadgets coming out all the time is essential. Primarily, responsive design is the idea of how certain designs and developments should...

read more

Receive a 25% discount code to use on any of our products!

* indicates required