Cryptocurrencies (Bitcoin, Ethereum, Etc.) – The New Currency Of The Future?

What is Cryptocurrency?

Cryptocurrencies (Crypto) is a virtual and cashless way to let you buy goods and services, or trade them for profit. It is being secured by cryptography, which makes it virtually impossible to counterfeit or double-spend. 

Based on Blockchain Technology, most simply defined as decentralized, conveyed record that records the provenance of a computerized resource.

Did you know that no one really knows who created Bitcoin?

Why are cryptocurrencies very popular?

Cryptos appeal to their users for many reasons. Below are some of the most popular:

1. Few users like how digital currency eliminates national banks from dealing with the cash supply, since after some time these banks will in general diminish the worth of cash through inflation.
2. Bitcoin, one of the most popular form of cryptos, is believed to be the currency of the future. This is why people are racing to purchase crypto now, presumably before it becomes even more valuable.
3. The technology behind cryptocurrencies, the blockchain, can be more secure than traditional payment systems.

How many cryptocurrencies are there?

As of April 20, 2020, there are around 5,392 cryptos being exchanged with a total market capitalization of $201 billion.

Where to get/buy them?

Some cryptocurrencies, like Bitcoin and Ethereum, can be bought using U.S. dollars, while others require that you pay with bitcoins and other cryptos.

To purchase cryptocurrencies, you first must have a “wallet”, which is an online app that handles your currency. After making an account on an exchange, you can then transfer real money to buy cryptos such as bitcoin.

Coinbase is also one of the popular cryptocurrency trading exchange where you can create a wallet to buy and sell cryptos. 

Is it legal?

Although they are legal in the United States, other countries such as China, has essentially banned the use of cryptos. Before dwelling into it, be sure to consider how to protect yourself from scammers who see cryptocurrencies as an opportunity to trick investors. Keep in mind, buyer beware.

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