In this article, I will discuss what is cryptocurrency and how it works.
Cryptocurrency is an electronic form of money. It is a digital currency that can be used to purchase goods and services online. The main difference between fiat money and cryptocurrency is that fiat money is backed by a government and is considered legal tender whereas cryptocurrency is not. In fact, the value of cryptocurrencies fluctuate based on market demand and supply. There are different types of cryptocurrencies such as Bitcoin, Litecoin, Dogecoin, and Namecoin.
Bitcoin was the first type of cryptocurrency to come into existence in 2009. Bitcoin has been the most popular cryptocurrency for many years now. As of July 2018, the value of bitcoin is $12,000 per coin. There are many reasons why people use cryptocurrency. Some people use it because they want to get rid of the government’s control over their money. Other people use it because they believe that cryptocurrency is the future of money.
There are many benefits to using cryptocurrency. One benefit is that there are no fees or commissions associated with transactions. Another benefit is that you can do your transactions anonymously. The last benefit is that you can send money from one country to another without having to pay any fees.
There are also some disadvantages to using cryptocurrency. One disadvantage is that the value of cryptocurrencies is highly volatile. This means that the price of cryptocurrencies can change dramatically in a short amount of time. Another disadvantage is that the price of cryptocurrencies can go down to zero. This means that you could lose all of your money if you decide to sell your cryptocurrency at a bad time.
It is important to remember that cryptocurrency is not a way to make money. You cannot use cryptocurrency to buy a house or a car. Cryptocurrency is only a medium of exchange. If you want to use cryptocurrency to buy something, you should look into other ways of doing so. For example, you can use your credit card to purchase things online.
