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HomeLookbookWhat is Cryptocurrency? 3 Things You Need to Know.

What is Cryptocurrency? 3 Things You Need to Know.

Cryptocurrencies or Crypto let you buy goods and services or trade them for profit. Here is a little information about cryptocurrency and why it’s so popular right now. Like the usual currency you have in your pocket, crypto can be used to buy goods and services. However unlike other currencies, cryptocurrencies use cryptography to provide secure transactions. (The prefix “crypt-” means “hidden” or “vault” — and the suffix “-graphy” means “writing.”) Here are a few things about crypto or cryptocurrency that you should know about. What is Cryptocurrency? Cryptocurrencies use technology called Blockchain. Blockchain is a technology which spreads transaction records across many computers around the network. The main appeal here is the security. Are there many different Cryptocurrencies? According to CoinMarketCap there are over 6700 publicly traded cryptocurrencies including Bitcoin. Ethereum. Ripple XRP. Litecoin. NEO. IOTA. Apuri Gaming Coin. Bitcoin Crypto Apuri Outlet The total value of all cryptocurrencies together in September 2020 was more than $370 billion, according to CoinMarketCap, and the total value of all bitcoins, the most popular digital currency, was estimated at about $210 billion. Why is Crypto so popular right now? Cryptocurrency may appeal to supporters in different ways for many different reasons including: Many people see crypto such as Bitcoin as the currency of the future. They are currently valued at £14,215.55, €15,697.95 or $19,040.20 (14 December 2020). Renewed interest in bitcoin caused the price to surge more than 150% in 2020 Supporters like the fact that crypto does not use central banks as over time they tend to reduce the value of currency through inflation. Cryptocurrencies do not have this issue. Blockchain can be more secure than central payment systems and many supporters feel this is a massive benefit of crypto. Cryptocurrency is currently going up in value and many supporters and investors love the extra income being generated due to this. More and more stores will accept cryptocurrency in exchange for goods – without the need for exchange costs to convert into Fiat currency. Now, if someone asks you ‘What is cryptocurrency?’, you will hopefully be able to answer them!



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