🇺🇸 What are cryptos? (Mate with Cryptos Ep 1) 🇺🇸

What are cryptos?Show more

I'm sure you must have heard a lot about cryptocurrencies in the last few years. To understand better what they are, first we need to grasp their fundamental concept.

What is cryptography?

This science is as old as language. Since the first time we figured out how to write down knowledge and pass it down the generations, we always had the need to develop codes. This was to ensure that only those who we want to have access to our information would be able to read our writings. In this way we can keep everything hidden from malevolent actors, individuals or entire groups of people.

When computers were invented, cryptography became extremely important. It was through it's study that we developed passwords and everything we use today to keep anyone from accessing our accounts. Protecting information in the digital realm is difficult, but this need generated lots of innovation to take place.

So, to make it simple, cryptography is the science that studies how to protect information, by both denying access to those we dislike, and granting it to ourselves.

The development generated in the space culminated in Bitcoin, the first ever working cryptocurrency. For the first time in human history, cryptography applied successfully to currency.

This is exactly what it sounds like, applying a series of passwords to our wallet that holds our money, and making it impossible for anyone else to have access to them.
It is so powerful in fact that not even governments can get a hold of our coins, this makes it the greatest protection tool for preserving wealth.

This is the first time in humanity's history where something like this exists and will surely revolutionised how we do everything.

Cryptocurrencies are like onions, they have layers upon layers of information to grasp before you can understand them. Here I only explain the most basic elements of them, but in future posts I will continue to go deeper and deeper down the rabbit hole.

I hope this was useful for you, see you in the next one.