What is a Cryptocurrency?

Cryptocurrency is a digital currency that uses blockchains to secure its transactions and to control the creation of new coins.

Cryptocurrency is decentralized blockchain, meaning not subject to any government control. Bitcoin, the first and most well known cryptocurrency, was created in 2009.

Cryptocurrency is popular because it allows people to exchange money without involving third parties. Cryptocurrency also allows users to conduct transactions without the need for a traditional bank account.

There are many pros to crypto currency, but here are just a few:

1. Lower Fees: Compared to traditional methods of payment, like credit cards and bank transfers, using crypto currency can often save you significant amounts of money. For example, a payment with Bitcoin can cost as little as 0.05% of the transaction value, while a payment with traditional methods can often cost up to 3% of the transaction value.

2. Greater Privacy and Security: Compared to traditional banking systems, which are tightly centralized and can be subject to surveillance and tracking by governments, crypto currency systems are often more secure and private. This is because crypto currency transactions are decentralized, meaning that they are not subject to the control or discretion of any single entity.

3. Greater Coin Selection and Variety: Unlike traditional currency, which is only backed by the government and is limited in supply, crypto currency systems are often backed by a variety of different currencies, providing a greater selection of options for merchants and investors. This, in turn, helps to ensure that the crypto currency system is robust and resilient in the event of a sharp price decline or other market disruption.

4. Greater Investment Opportunities: Unlike traditional currency systems, which are closed off to most potential investors, crypto currency systems are typically open to anyone with the necessary financial resources. This, in turn, allows interested investors to explore a wider range of opportunities and potentially achieve greater returns on their investments than they would otherwise be.