Cryptocurrency answers for your crypto questions
Almost everyone on the planet has heard of Bitcoin. Watch the news, go online, or read the newspapers, and it is pretty difficult to avoid. What many people don’t know is that Bitcoin is only one of many cryptocurrencies. With that in mind, what is a cryptocurrency and how can you get involved? If you are interested in joining the crypto-buzz, this quick guide will fill you in with the basic details. We will show you how cryptocurrencies work and help you start your journey.
What is Cryptocurrency?
You can think of a cryptocurrency as a form of digital cash that lets you pay for things quickly and easily, a bit like the credit card in your wallet. However, unlike your bank cards, your cryptocurrency, usually referred to as coins, are not controlled by banks or governments. When you want to buy or sell cryptocurrency, you visit a specialized exchange and top up your account.
How does it Work?
Your coins are stored in a virtual wallet protected by passwords and encryption. You can pay for goods and services in a lot of ways, including online, via a mobile app, or with a special keychain. To protect you from fraud and theft, cryptocurrencies use a process called block chain technology.
How are Coins Created?
Cryptocurrencies are created through mining,’ where users set up huge arrays of powerful computers to solve extremely complicated math problems. When they solve a problem, a coin is generated and enters circulation. Of course, you don’t need to do this, and you can simply buy coins at an exchange.
Can I Get Involved?
You can get involved, but one problem is that, at the moment, there are well over 1,300 cryptocurrencies, and this number is set to grow. To confuse things, there are many exchanges where you buy and sell your coins, making it like the Wild West out there.
If you want to test the waters, you can start with the most popular currencies, like Bitcoin, Etherium, and Litecoin, and well known, secure exchanges, like Coinbase, Kraken, and Bittrex. With a bit of research, you can join the crypto-revolution and reap the rewards.
To help you on your way, our site will keep you up to date with the latest news, views, and guides, all in one place. Keep checking!