What is Cryptocurrency? – cryptocurrency basics – Trading Channel
Cryptocurrency
What is Cryptocurrency? – cryptocurrency basics – Trading Channel
What is Cryptocurrency?
Cryptocurrency is a digital or virtual currency, that’s secured by cryptography. This means that it’s nearly impossible to counterfeit or double-spend, a simple definition is that a cryptocurrency is a form of payment that is exchanged for goods and services.
For example, remember how when you were younger you go to the music festivals and you give the cashier a certain amount of money, and they give you a certain number of tokens that you can choose to buy drinks. Well, that’s how cryptocurrency works. Exchange real currency for cryptocurrency which you can use to buy and sell things online in many parts of the world.
Cryptocurrency is popular for a number of reasons, but mainly because cryptocurrency decentralized network that runs peer to peer system. That means, typical or traditional financial institutions like banks and even governments, are not involved in cryptocurrency transactions between one person and another. This means that there are no financial institutions that are monitoring transactions between one person and another.
Those transactions are faster since they’re not going through governments or banks. Banks also meeting that those transactions are cheaper since you are not paying fees at different points to different financial institutions when you transact with cryptocurrency. And these are the reasons why cryptocurrency is so popular among a lot of people. And let’s not forget cryptocurrency is also quite popular because it’s been known to grow exponentially in value in recent years.
It currently exists 8164 publicly traded cryptocurrencies in the world. The most popular of which is Bitcoin and Ethereum.
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