#What is cryptocurrency

#What is cryptocurrency

#What is cryptocurrency
What is cryptocurrency
To understand this topic, you must first understand the terminology.
Cryptocurrency – it is any currency that is in digital or virtual form. To protect transactions in such a currency (meaning in cryptocurrency), cryptography (encryption) has been developed and used.
You also need to understand that this digital payment system does not use banks for transactions. This payment system works with participants on equal terms. It allows each user, regardless of his location, to conduct monetary transactions for sending and receiving payments.
Cryptocurrency exists only in digital form. Cryptocurrency-related transactions have nothing to do with physical money. Everything happens online.
You can go through history a bit and get some interesting facts. So, the first existing cryptocurrency was bitcoin. Ego was created not so long ago – in 2009, it is still popular today.
The most common cryptocurrencies, apart from bitcoin, include:
– Ethereum;
– Litecoin;
– Bitcoin Cash
– Monero;
– Dash;
– VertCoin;
– BitShares;
– Factom;
– MaidSafeCoin;
– Nautiluscoin.
There are still many other types of cryptocurrencies today. Experts advise to carefully study trends with a particular cryptocurrency before acquiring and using it.
How to buy and store cryptocurrency
An interesting question for beginners is how to buy cryptocurrency. To do this, you can use one of the proposed methods, namely using:
– bank cards;
– electronic payment systems;
– cash;
– mobile phone.
Special services are used to store cryptocurrencies. They are conditionally divided into custodial and non-custodial, or into “hot” and «cold». The difference between “hot” and “cold” wallets lies in their connection mode. If the former are always online, then the latter are needed to make a connection to the blockchain, for example – https://www.lition.io/ in order to transfer data.
What can you buy with cryptocurrency
At the moment, the question of the full legitimacy of the cryptocurrency remains open. This is because in many countries the national currency of the countries is recognized as a valid and legal instrument for payments. This means that just going to any store and buying food or equipment for cryptocurrency will not work.
Since it is possible to circumvent the prohibitions on the use of cryptocurrency and any online monetary transactions are not subject to verification by official financial control bodies, the buyer and seller meet each other, because it is mutually beneficial.
The most popular and affordable cryptocurrency payments are:
– retail;
– Internet trading, which is mainly for small businesses;
– establishments that are engaged in catering ;
– gaming business industry;
– real estate and transport ;
– travel companies.
Every year, the range of possibilities of cryptocurrencies only increases, and despite the opinion of skeptics, the possibilities of such an online payment system are becoming more and more popular and in demand.
by Anna Koretskaya
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