Cryptocurrency is a digital or virtual currency that uses cryptography to secure its transactions and to control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009.
Cryptocurrencies are often traded on decentralized exchanges and can also be used to purchase goods and services. Bitcoin, for example, can be used to purchase items on Overstock.com, Expedia, and other merchants.
Why Use Cryptocurrency?
There are a number of reasons people use cryptocurrency. Some people believe cryptocurrency is more secure than traditional currency. Cryptocurrencies are not subject to government or financial institution control, meaning they cannot be devalued by central banks or governments.
Others believe cryptocurrency is a more efficient way to conduct transactions. Cryptocurrencies are not subject to third-party fees like credit card companies, which can drive up the cost of transactions.
How to Use Cryptocurrency
To use cryptocurrency, you first need to create a digital wallet. A digital wallet is a software program that stores your cryptocurrency and allows you to conduct transactions. There are a number of digital wallets available, including Coinbase, Blockchain, and Jaxx.
Once you have created a digital wallet, you can buy cryptocurrency on a decentralized exchange or from a digital currency broker. You can also use cryptocurrency to pay for goods and services on merchants that accept it.
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