Crypto Battle

With more and more countries moving towards a cashless society, crypto is slowly becoming king. Here is everything you wanted to know about cryptocurrencies but was too afraid to ask.

What is cryptocurrency? 

Cryptocurrency, also known as a digital currency, is a virtual money exchange made and managed by private consumers and organisations. Most cryptocurrencies are not legally controlled. Hence, cryptocurrency is, in theory, invaluable to any sorts of manipulation or government intervention.

The currency is considered as a medium of the monetary exchange, and the usual financial policies do not apply to cryptocurrencies. More than a hundred cryptocurrencies exist within the virtual money exchange, but Bitcoin is believed to be the primary digital currency. However, more and more cryptocurrencies emerge monthly. In late 2017, the price of a single Bitcoin soared to roughly $20,000 and then took a drive to around $4,0 0 0. 

How can I get cryptocurrencies?

It’s relatively easy to purchase most cryptocurrencies. Sites like CoinBase are exchanges where you can purchase a variety of digital coins. There are also apps called digital wallets that enable you to keep cryptocurrencies yourself and send funds to others with relative ease. With such a wallet, the private keys (that represent ownership) are stored directly on your device.

How do I spend cryptocurrencies?

If you have your own wallet under your own digital lock and key, you can ‘send’ people digital funds. To do this, most people tend to use online vaults, like those provided by Coinbase. The process is very similar to traditional online services: you simply enter the amount of money you want to send and the company you want to pay. Some vendors accept cryptocurrencies. Microsoft will let you add Bitcoin to your account online using your digital wallet. 

To read the full article about cryptocurrencies, check out the article originally published in CROWD magazine vol.5 at Crowd1.