What you need to know about Cryptocurrency

Have you ever wondered if there is money on a digital basis? Well, there is a currency found in the digital world and it is called cryptocurrency.

Bitcoins and other digital money types are considered as a cryptocurrency. This is the currency that is known around the digital world because it also serves as money that can be used for payments and other transactions.

What is a cryptocurrency?

A cryptocurrency is a currency that is digital which is made with the utilization of encryption software. This is the currency that is made of codes. It is similar to other ways of exchange like the dollars. But the difference is, cryptocurrency uses encrypted information for the exchange. The exchange of this currency may vary and it can be used for buy and sell purposes.

Where did cryptocurrency come from?

The origin of the cryptocurrency may have begun when Satoshi Nakamoto issued a paper filled with information about virtual currency in 2008. The next year, Satoshi Nakamoto has introduced Bitcoin, which is the very first cryptocurrency and is the most famous cryptocurrency until today.

Things to Know About Cryptocurrency

Cryptocurrency is filled with information that will help you understand what this digital currency is.

Cryptocurrency can be used for purchasing

Just like the money that you have, if you have a cryptocurrency, you can also make use of it for purchasing. There are countries that accept Bitcoins as a mode of payment. Cryptocurrency is legal worldwide but the country of China is a bit suspicious about the acceptance of cryptocurrency. Nevertheless, cryptocurrency can be used for purchasing transactions and it is partnered with big and popular stores online such as eBay, WordPress, Apple’s App Store, Amazon, PayPal, and more. And now, even Dell is accepting cryptocurrency as a currency.

Bitcoin is not the only cryptocurrency

The cryptocurrency began with Bitcoin but now, it has lots of types that can be found today. Bitcoin is having now other competitors that are also doing great. Dogecoin is one of the cryptocurrencies found today. Peercoin, INNcoin, Namecoin, Darkcoin, and more keep on emerging today.

Cryptocurrency is unstable

The value of cryptocurrency can go high or low which proves that it is unstable. Cryptocurrency can get higher which is an advantage for some while it can be disadvantageous to others who see the value fluctuates. The value of cryptocurrency is not fixed and may change from time to time.

Can cryptocurrency be bought?

Well, cryptocurrency can be purchased and it can be purchased from the internet. But, in order to buy cryptocurrency, you have to own a wallet that can be accessed on your mobile phone or computer.

There are some people who only know about the money that we have like dollars, yen, peso, and more. However, without knowing, digital currency also exists which can be a gateway to an easy payment solution. With this currency, people can now have the chance to pay for their purchases without using cash.

Bitcoin, Dogecoin, Inncoin, are some of the cryptocurrency known today which has been helping the community effectively.

Posted on July 4, 2017 by yaki