What is Cryptocurrency? Everything You Should Know About Cryptocurrency
To put it simply, cryptocurrency is the digital or virtual payment in exchange for goods and services online with strong cryptography to ensure online payments.
As the world progresses towards more digitalized functioning, the payment methods also modify to become digital with time. As a result, we get cryptocurrency that leverages blockchain to enable easy, digitalized, and secure payment methods.
This has compelled several finance companies to make a major shift towards cryptocurrency. At the same time, several IT companies involving mobile app and game development services are orchestrating their business objectives with cryptocurrency.
Although the concept is not new, the introduction of Bitcoin as the first decentralized cryptocurrency led to a notable spark for the concept. Since then, the market value of bitcoins has crossed over $1072.2 billion as of February 2021, making it one of the most trusted investment sectors of businesses globally.
Moreover, the cryptocurrency bitcoin price as of May 2021 equals $35,749.6 for 1 Bitcoin.
If you are also fascinated by cryptocurrency and are interested in investing in it, you have landed at the right place.
This article would brief you about all the key points you should know about when it comes to cryptocurrency and how you can leverage this technology. But, first, let’s start with what is cryptocurrency.
Table of Contents
What is Cryptocurrency?
The word cryptocurrency has a derivative of the encryption techniques used in computers to secure the network.
It is a form of virtual asset that is used in exchange for products and services online. However, it is actually a digital asset that is distributed over a network of multiple systems. The technology leverages cryptography, which ensures ensure secure and unfeigned data and money transactions.
Also, cryptocurrency is based on blockchain technology as its functionality basis. Blockchain is a secured decentralized technology that is spread across multiple computers to record and maintain transactions.
How does cryptocurrency work?
Cryptocurrency is a secure online payment system based on exchanging virtual “tokens” as a denomination to money. These tokens are represented as ledger entries that are completely internal to the system.
You may consider these token as the casino chips or tokens used dedicatedly within the casino. As buying casino chips require players to pay for them, similarly, buying these tokens requires you to exchange real currency.
Several technology giants have invented their own currencies or token versions dedicated to being used to exchange products and services provided by that company only.
What Are Different Types Of Cryptocurrency?
As per research, thousands of cryptocurrencies are traded as public entities in the global market. Moreover, with the market value of cryptocurrency is expected to go beyond $1087.7 million, it is massively proliferating within the global market with Initial Coin Offerings (ICOs).
Other than bitcoin, a few of the most widely available cryptocurrencies as of May 2021, along with their market value, includes;
What Are the Best Cryptocurrency Mobile Apps?
As the inception of cryptocurrencies grows massively in global markets, several mobile apps help you interact with them easily. Along with that, these apps also ensure easy cryptocurrency management, payments, investment handling, etc.
Let’s have a look at some of the most commonly used mobile apps. Moreover, if you wish to invest in cryptocurrency, these mobile apps are a must-have for you.
A well-known mobile app for cryptocurrency users that helps in the easy management of personal bitcoins. With a friendly UI, the app is a trusted and credible bitcoin resource.
CEX.IO is an alternative to the Coinbase cryptocurrency app that is commonly used to store ether and bitcoin. This app also lets you purchase cryptocurrencies while leveraging country flat currency rates, including EUR, USD, RUB, etc.
3. Coins.ph Wallet
Coins.ph is another commonly used cryptocurrency app that comes in with several management features. The app allows users to check crypto balances, make payments, transfer funds, and ensure smooth regular investment activities.
The app’s highly functional and prospective is the interactive UI design and shopping features that also let you buy gift cards from more than 120 merchants.
How To Buy Cryptocurrency?
Since buying and investing in crypto coins is massively growing, there are two methods you can employ to buy different cryptocurrencies.
The first one, as mentioned above, is to buy cryptocurrencies like bitcoin in exchange for real currency in U.S. dollars. Meanwhile, the second method that requires you to exchange bitcoins or other cryptocurrencies is exchanging new crypto tokens you wish to buy.
However, one common feature essential in both cases is to have an online “wallet” that holds your virtual currency. A wallet is an online app that provides cryptocurrency management and storage features.
As several are mentioned in the section above, these apps first require you to create an account to exchange. Later, you can transfer real money to buy currencies like Ethereum and Bitcoin.
The inception of cryptocurrency has opened new doors to financial investments and economic flow in the global market. With several businesses seriously considering investing in the technology, it is significant that the market is to grow beyond expectation.
Grabbing the right opportunity and conducting thorough research can help you better understand the idea and optimize this investment opportunity.
A technology freak with an itch to write, Mehreen writes for Tekrevol with a cup of tea by her side. Other than that, she loves to read fiction and loves spending time with her family
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