You might be one of the people that wonder what a cryptocurrency is. If you are late with the trend, it is time to know this business venture and familiarize yourself. Cryptocurrency or also known as crypto is a type of currency that can be used to buy goods and services. It is based on blockchain technology and can come in different forms. Currently, the most popular cryptocurrencies in the market are Bitcoin and Ethereum. But in statistics, there are about 5,000 cryptocurrencies circulating.
Besides using cryptocurrency to exchange goods and services online, it can also be utilized as a form of investment. This is the usual course of action that cryptocurrency owners do, invest in cryptocurrency as a form of investment for it to become an asset. While cryptocurrency can be thrilling and exciting to pursue, one must be kin in digital currencies are risky and you may end up losing money if you do not invest in the right properties.
What is cryptocurrency?
To understand cryptocurrency better, think of it as tokens, as in tokens that are used in arcades and casinos. You use these tokens to access the services that come with the arcades. For example, in playing a basketball game, you can use these tokens. It is the same thing for cryptocurrencies. A lot of companies have created and released their own cryptocurrencies. You will need to exchange real currency for the cryptocurrency to be accessed.
Cryptocurrencies operate based on blockchain technologies. A blockchain is a decentralized technology that manages and records transactions. As of today, there are more than 5,000 cryptocurrencies that are traded publicly. It continues to grow leading to a total value of over $1.6 trillion as per the information released by CoinMarketCap. The most popular amongst the 5,000 crypto exchanges is Bitcoin which is pegged at $969.9 billion.
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