What Is Cryptocurrency?
cryptocurrency is a digital version of money where the transactions are done online. A cryptocurrency is a medium of exchange just like your normal everyday currency such as the USD, but designed for the purpose of exchanging digital information through a process known as cryptography. The first ever-successful cryptocurrency emerged from the invention of Bitcoin, by Satoshi Nakamoto. This was then followed by the birth of other types of crytocurrencies competing against Bitcoin.
What Can Cryptocurrency Be Used For?
Cryptocurrencies can be spent for different purposes and the best part is, all transactions are completed online! There are 3 different transactions that can be performed when using cryptocurrency:
1. Bitcoin Trading
Bitcoin trading can be very profitable for both professionals and beginners. The market is new, where arbitrage and margin trading is widely available. The currency’s high volatility has also played a major role in bringing new investors to the trading market.
2. Personal Spending
You can use Bitcoin to purchase almost anything! From buying cars to travelling the world.
3. Crowd Funding
Cryptocurrency also provides the chance for you to give back to society. How? By crowd funding. You are able to be part of someone’s success story by donating to a crypto crowd funding project.
The Types Of Cryptocurrency
There are over 800 cryptocurrencies
The main 5 cryptocurrencies are Bitcoin, Ethereum, Litecoin, Monero and Ripple.