You must have heard of ‘bitcoins’ recently in the financial markets online. With the ever-changing technology and new systems being developed every day, everyone wants to have a piece of the all hyped ‘cryptocurrency’. Although the audience for the cryptocurrency has gradually and significantly grown over the year, it is still not easy to find true and relevant information to answer all your queries about the new financial revolution. Here are the most essential basics that you would need to get a grasp of what it is all about and what you must know.
What is cryptocurrency?
A cryptocurrency is a form of digital currency that is heavily encrypted to prevent thefts and misuse by third parties. Unlike ‘traditional’ money, cryptocurrency is not controlled by a single or group of financial institutions. At any point in time, there exists only a fixed number of cryptocurrencies whose value is decided by the forces of demand and supply. In simple words. The more popular it gets and people want to buy it more, the more expensive it will get. In 2017, for example, a single Bitcoin (popular cryptocurrency) priced at roughly $20,000 to $4,000.
How to get and spend cryptocurrencies?
For the purchase of most cryptocurrencies, you can go to the relevant exchanges such as Coinbase which works similarly as a physical traditional money exchange works. When you make a purchase, you will be given a wallet that has a unique lock that can only be opened by a unique key. To make a purchase using cryptocurrencies you send money to the vendor using these exchanges.
To avail more information about cryptocurrencies, you should visit https://crypto-wikipedia.com/. Here, you will be able to find the latest and accurate information about all cryptocurrencies.