Cryptocurrency is an online form of payment that can be traded for goods or services, just like fiat money (government issued currency).
There are many companies who have created their own tokens which can be traded for their own goods and services, so there are certainly a lot of cryptocurrencies out there—nearly 7,000 according to CoinMarketCap.com, a market research website!
According to Investopedia.com, the “crypto” in cryptocurrency refers to “complicated cryptography which allows for the creation and processing of digital currencies and their transactions across decentralized systems.”
Cryptocurrencies are usually developed by teams who build in various mechanisms for issuance, usually depending on that decentralized system.
Cryptocurrencies work by using something called blockchain, which is a decentralized technology that is spread across a great many different computers and records and manages transactions.
It’s very secure because it’s not all in one central location, and once a transaction is chained, it’s recorded for posterity.
Entrepreneurs have begun to utilize cryptocurrency to further their business and increase profits. In fact, since cryptocurrencies are both investment opportunities and new financial instruments, there has never been a better time to get started!
Are you ready to dive into the exciting and profitable world of cryptocurrency and blockchain?