Cryptocurrencies, such as BitCoin, are an innovative type of currency that relies on Blockchain technology. The whole point of these digital currencies is to make transactions quick, easy and without third parties such as banks charging fees. Several businesses have already begun making use of cryptocurrencies, most notably BitCoin (BTC). Getting set up couldn’t be easier!
Bitcoin, as well as several other cryptocurrencies, adopt this latter model. Every time a Bitcoin is mined, it creates a new “block” which is added to the Blockchain, a string of code that acts as the ledger in all Bitcoin transactions.
Bitcoin aims to be a digital gold if you will, that will eventually become a globally adopted currency which could replace or be an option to people to the conventional money. Ethereum is to become a platform based on smart contracts where decentralised apps can run.