You may have heard about Crypto Currency online or on the news recently. If you do not know what Crypto Currency is, this article will help give a brief explanation of what it is and what it is used for.
Cryptocurrency was created in 2009 as a way to make secure financial transactions without the need of a third party. Meaning no banks, no government needed. This means that the money is decentralized and not controlled by any single entity or bank. It can be used to purchase items online, or exchanged for other currencies.
Cryptocurrency is built on a technology called blockchain. Blockchain is a digital ledger of all cryptocurrency transactions. This ledger is constantly updated and shared between all the users of the currency. This makes Cryptocurrency very secure as it is difficult to hack.
Bitcoin is the first and most well known Cryptocurrency. There are now over 1,000 different types of Cryptocurrency, with new ones being created all the time.
Cryptocurrencies are becoming more popular and you can buy them in much the same way as you would buy traditional currency. You can buy them with your debit or credit card, make bank transfers or using other forms of payment. The currencies can then be stored in a digital wallet.
Buying cryptocurrency is a lot more complex than buying traditional currency. It is very important to do your research first. To buy cryptocurrency you will need to know about wallets, how to buy/sell and also learn about the different types available.
Cryptocurrencies are still in their early days and there is a lot of speculation about their future. Some experts believe that they will replace traditional currencies eventually while others think they will fade away. Only time will tell which way things go. I personally believe that Crypto Currency is a good thing and that it will continue to grow in popularity.
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