Cryptocurrency is an internet money form that can be exchanged online for goods and services.
The most prominent versions of the currency are internationally acclaimed currencies like Bitcoin, Ethereum, Litecoin, to name a few.
Pure crypto is made up of digital hash codes. There is no physical coinage represented. Instead, the digital coins/codes are stored in digital blockchain wallets.
A blockchain is a decentralized web-based internet money management system that records and facilitates direct, peer-to-peer crypto transfers.
This means that you can manage your funds and make transfers without going through a middleman (banking system).
Each transaction you make on the blockchain must go through a verification process first. In fact, multiple mining nodes must “okay” the transaction before the transfer is successfully made.
Bitcoin was the first form of cryptocurrency. Founded in 2008, it endured a long and hard climb to prominence.
Its founder, Satoshi Nakamoto, developed it as an alternative to mainstream fiat currency with the aim of putting the power of business into the hands of the public.
In 2017, Bitcoin’s value skyrocketed to an astounding value of just under $20,000 a coin. This instantly turned major holders into instant millionaires.
However, in 2018, the internet money form dipped by over 80%, showing just how volatile the market could be.
The benefits of cryptocurrencies includes speedy transactions, privacy, security of payments, cost and usability, and potential as investment.
Most decentralized cryptocurrencies can be volatile in nature. This volatility tends to be less severe with useable cryptocurrencies.
The easiest way to start off in the market is to sign up with a crypto exchange and purchase it with your bank card.
Some of the top international exchanges include: Coinbase, Binance, and Kraken.
The top cryptocurrencies to start in the market include: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTE), Tether (USDT), and Cardano (ADA).
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