What is Cryptocurrency? How does it Work?

In 2020, the buzz on the use of cryptocurrency has seen its peak but what is this currency people are talking about. In this article, I would answer your question on what it is and show you ways, how you can begin using the currencies in your online daily transactions.

What is Cryptocurrency?

These are digital currencies that can not be physically seen or touched as opposed to currencies like the Dollar or Euro. Cryptocurrencies can be used to buy goods and services, it can be transferred between peers and does not require a middle man.

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How to Own a Cryptocurrency?

The very first thing is to own a “wallet”, an online app that can hold your currency. e.g Luno or Binance both are well-trusted apps I use. Feel free to use the link on Binance to receive 10% of your money back or. Then after you must have created your account you can now transfer real money i.e dollars. to buy cryptocurrencies.

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While you can purchase bitcoin with cash, other coins require you to pay with bitcoin.

While some cryptocurrencies, including bitcoin, are available for purchase with U.S. dollars, others require that you pay with bitcoin or another cryptocurrency.

How does it work?

The blockchain records all transactions of the currency, that includes the transaction data and ledger which are encrypted using cryptography. This currency is not controlled by a central government but by users and algorithms. Hosted and mined in so many computers across the globe.

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How to make money from cryptocurrency?

There are at least two ways you can make cool cash from the currency, one is to leave the currency in your online wallet to appreciate or increase in value or you can simply trade it online like stock exchanges.

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Bitcoin is commonly traded under the symbol BTC so is Etherum which is ETH.

Are they even Legal?

Yes it totally depends on your country for instance in the United States it is very legal to own cryptocurrencies but countries like china have essentially banned the use of it.

Thinking of starting into the crypto market set your strongest foot, feel free to contact us for any matter relating to crypto trading and investment. You can also visit the website to get first-hand information on how to make money online and many more related topic. If you find this post helpful please give the post a clap as a gesture of encouragement.

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