Crypto: What is a cryptocurrency

So, you’ve heard of Bitcoin and the potential it has to change the way you pay for everything from groceries to your next night out with friends. But if you’re like many people, you still have no idea what cryptocurrency is, why we should care about it, or how it’s going to affect our lives shortly. 

Don’t worry – we’re here to help. Here are some of the most basic facts about cryptocurrencies that everyone should know, as well as some reasons why they matter and why they aren’t going away anytime soon.

Crypto, or crypto-currencies, have gained popularity in recent years, with Bitcoin leading the charge. But what exactly are cryptocurrencies? Are they like regular currencies, such as euros (EUR) or U.S. dollars (USD)? The answer to that question is no—crypto is not regulated by any central government or bank. Crypto options exist outside of regular fiat currency systems because they run on decentralized computer networks called blockchains.

Instead of being printed by governments, crypto is mined through computers solving complex mathematical problems. That’s right—cryptocurrencies are created digitally through complex computations and algorithms, which means they can be used globally without regard for national borders or monetary exchange rates. 

This creates many benefits for users, including faster transactions at lower costs than traditional payment methods.

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To understand what’s special about cryptocurrencies, we need to understand where they fit into today’s online economy. We’ll take a brief look at blockchain technology, its history, and how it works before diving into how it can help create value for businesses and everyday users. While I think cryptocurrency will be one of many applications of blockchain technology, it may prove to be one of the most important ones. But first, let’s talk about blockchains in general.

What is a Blockchain? A blockchain represents an electronic ledger that records transactions across many computers in such a way that no single user controls all of those computers (there are multiple copies). The result? An auditable record that cannot be altered retroactively without being detected by other users in the network.

For many decades, central banks across the globe had full control over our money supply. Governments could create new cash or take it away from us at will—and people were largely powerless to stop them. But in 2009, someone (or some group) under the pseudonym Satoshi Nakamoto invented Bitcoin, spawning an entirely new asset class called cryptocurrencies. 

Since then, thousands of others have followed suit with their digital currencies, allowing for more financial freedom than ever before. So what exactly are cryptocurrencies? And how do they work?

There are a few ways to start investing in cryptocurrencies, but for most people, an exchange-broker model like Coinbase would be best. As long as you’re looking to profit from price gains (and if you’re not, then cryptocurrency investment probably isn’t for you), what matters more than where your coins are held is how much they’re worth when they get there. That said, it’s generally safer to keep cryptocurrency off exchanges if you can; once they hit your wallet they’re yours—which means that unlike money on an exchange if you lose control of them there’s no one else who can help you out.

Conclusion