Everyone is raving about cryptocurrency. Banks fear it. Celebrities and prominent people talk about it. Businesses are starting to accept it. We see cryptocurrency on the news. Which brings us to the question, “What is cryptocurrency?”
What Is Cryptocurrency?
Cryptocurrency has been around for years. However, it wasn’t only until recently that it had gained widespread popularity.
Cryptocurrency is a portmanteau of crypto and currency. It is a digital asset, which is traded on its very own market: the cryptocurrency market. Depending on the use case, cryptocurrency may be used to pay for goods and services.
Many start-ups have issued their own coins or tokens, which are used specifically for the goods or services that the company provides. Think of them as you would arcade tokens or game credits. You’ll need to exchange fiat for the cryptocurrency to access the good or service.
Why the Ruckus?
The cryptocurrency market is known for its volatility. Bitcoin, the most popular cryptocurrency, has touched an all-time high of around $65,000 in April before losing nearly half its value in May. In recent weeks, the price of bitcoin was back in the $45,000 range (Check the current prices here.)
Because of the said volatility, many people, especially the younger generation, have become overnight millionaires. Sadly, many have also lost their life savings for making unwise trading decisions.
“An investment in knowledge pays the best interest.” (Benjamin Franklin)
It goes without saying that diving into something without prior knowledge is like suicide. The best thing to do is to understand the market first. Get to know more about cryptocurrency, how to buy it, and how to protect yourself through this blog.
We hope you enjoy your stay. Happy reading!
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