What is Cryptocurrency ? The word Cryptocurrency was added to the Merriam-Webster dictionary in March 2018. Cryptocurrency is a digital currency designed to exchange and uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. Unlike centralized digital systems and central banking systems, cryptocurrencies use decentralized control.
Cryptocurrencies are in fact Internet or online currencies that are encrypted using cryptographic technology and have all the characteristics of common currencies except physical nature .the first digital currency of this genre was Bitcoin, which entered the world in 2008. After the promotion and explosive growth of the digital currency market in the last few years, their number has reached about 2160. No one can change entries unless specific conditions are fulfilled.
Within a cryptocurrency network, only miners can confirm transactions by solving a cryptographic puzzle. They take transactions, mark them, and spread them across the network, then a miner receives a reward, plus the transaction fees.
What can you do with Cryptocurrency?
Bitcoins can be used to pay for hotels, flights, jewelry, apps, computer parts, and even a college degree. Other digital currencies like Litecoin, Ripple, and Ethereum, and so on aren’t accepted as widely just yet. Finally, there are marketplaces like Bitify and OpenBazaar that only accept cryptocurrencies.
Invest with Cryptocurrency
Many people believe that cryptocurrencies are the hottest investment opportunity currently available. It is recommended that before entering this market, you first measure your risk and buy with full knowledge of the analysis and trading process in this market. It is emphasized that the formation of the investment portfolio will protect you against fluctuations in this market and you can make a good profit in the medium term.
Indeed, there are many stories of people becoming millionaires through their Bitcoin investments.
What is Cryptocurrency