Cryptocurrency is a digital currency that can be used to buy and sell goods. Unlike traditional currencies, cryptocurrency is not regulated by any government or bank. It also uses cryptography for security purposes. The first decentralized cryptocurrency was Bitcoin, which was created in 2009. As of today, there are hundreds of other cryptocurrencies available around the world.
Types of Cryptocurrency
There are currently over 800 types of cryptocurrency that can be classified into 4 specific categories. These categories include Centralized, Decentralized, Regular, and Private. Along with these types, there are also 2 subcategories of cryptocurrency. They are commonly called tokens and coins. Tokens can belong to any type of cryptocurrency while coins are usually associated with the regular category.
Pros and Cons of Cryptocurrency
Cryptocurrencies, otherwise known as digital or virtual currencies, are a type of currency that isn’t controlled by any one company or government. The benefit to digital currency is that it’s not as easily manipulated as other currencies, but the downside is that it can’t be used in all places.
Where to Buy, Sell, Trade Cryptocurrencies?
The number of cryptocurrencies exchanges is on the rise. These are facilities that allow the purchase, sale, and trading of cryptocurrencies for other assets, such as fiat currency or other digital currencies.
Best Crypto Exchanges of 2022
- Best Overall: Coinbase and Coinbase Pro
- Best for Beginners: Cash App
- Best Decentralized Exchange: Bisq
- Best for Altcoins: Binance.US
How to Mine Bitcoins
In order to mine coins, you need a proper mining rig. For the most part, these rigs are fast CPUs with good GPUs. The good news is that you can use a mining rig for other purposes in the meantime, and when the coin goes up in value, you might be in a position to make a hefty profit in a short time span.