What is Crypto?

Cryptocurrencies are more than just a new form of money; they represent an evolutionary step in how we exchange value digitally. From Bitcoin, created by the mysterious Satoshi Nakamoto in 2009, to Ethereum, which enables smart contracts, to privacy-focused coins like Monero, each coin brings its own unique approach and application.

The power of cryptocurrency lies in its decentralized, encrypted, and borderless nature, offering an anonymous, secure, and universal way of transacting. Dive in with us into the fascinating world of crypto: a world without borders, based on advanced cryptography and the groundbreaking concept of blockchain.

Een close-up van verschillende digitale munten, waaronder Bitcoin en Ethereum, tegen een donkere achtergrond met subtiele texturen, die de diversiteit in blockchaintechnologie symboliseert.

Digital Money

Cryptocurrency is a relatively new form of currency: in fact, it is an evolution of the digital money we’ve grown accustomed to. Crypto is a general term that covers various currencies. The most famous is Bitcoin (developed in 2009 by Satoshi Nakamoto). It’s a fully electronic payment system where people can pay each other directly.

Supply and demand determine the value of different cryptocurrencies. There’s no government or organization that controls or steers them. Anyone can trade cryptocurrencies, without intermediaries. That makes them nearly anonymous.

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Different Forms

There are countless forms of cryptocurrency, each with its own unique properties and goals. Bitcoin, the first and most well-known crypto, is mainly about creating a decentralized digital currency and store of value. Ethereum goes a step further, offering not only a cryptocurrency (Ether) but also a platform for running programmable smart contracts.

Other cryptocurrencies, like Ripple (XRP), focus on enabling cross-border payments and financial transactions within traditional financial systems.

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Een close-up van een Bitcoin die bovenop stenen staat, in de buitenlucht.

Illustratie van crypto private keys en digitale beveiliging.

Encrypted

All cryptocurrency data is encrypted, distributed, and stored in a decentralized way. There is solid cryptography at work: hence the name. Because all data is encrypted using various mathematical formulas, the risk of fraud or hacking is very low.

What exactly happens when someone makes a crypto transaction? Suppose you pay Bitcoin to your neighbor. You sign that transaction with your encrypted private key. That transaction is immediately added to the so-called blockchain network, so almost the entire network knows about this transaction. At the same time, the network checks the transaction: do all details match known records? If everything checks out, the transaction is verified and then added to the list of transactions. This list is called a “block” on the blockchain.

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Privacy

The privacy side of cryptocurrencies revolves around how much information people can see about who is sending money to whom. With some cryptocurrencies, like Bitcoin, anyone can see all transactions. Without your coded private key, however, it’s impossible to know which transactions belong to whom. But there are also coins, like Monero, that use special techniques to ensure transactions remain private, so that not just anyone can see who is sending what.

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Iemand aan een tafel met een vergrootglas in de hand die kijkt naar een papieren spreadsheet.

Cryptotransacties zonder tussenpersonen illustratie.

Borderless

Cryptocurrency is a virtual payment method. Transactions within cryptocurrency happen without banks or overarching organizations. You use special software that connects all computers with that software. This software is called blockchain software. You can use a digital wallet that gives you access to your crypto currencies. From that wallet you can buy, sell, trade crypto, and send it to others.

Country borders therefore have no meaning within crypto.

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