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What is Cryptocurrency – Should I Trust a Digital Currency?

A cryptocurrency is a new form of digital asset based on a network that is distributed across a large number of computers.


What does crypto or cryptocurrency mean?

A cryptocurrency is a new form of digital asset based on a network that is distributed across a large number of computers. This decentralized structure allows them to exist outside the control of governments and central authorities. The word “cryptocurrency” is derived from the encryption techniques which are used to secure the network.

A benefit to using cryptocurrencies is that individual people can partake in commerce locally or globally without the need for a bank. Many people around the world are unable to use banking systems to invest or buy things, and cryptocurrencies can level the playing field a little bit.

Blockchains, which are organizational methods for ensuring the integrity of transactional data, is an essential component of many cryptocurrencies.

Many experts believe that blockchain and related technology will disrupt many industries, including finance and law.

Cryptocurrencies face criticism for a number of reasons, including their use for illegal activities, exchange rate volatility, and vulnerabilities of the infrastructure underlying them. However, they also have been praised for their portability, divisibility, inflation resistance, and transparency.

Bitcoin is a new kind of money that was invented just a few years ago, and recently became worldwide news. Basically, it’s a currency that is not backed by any bank or nation and allows for private monetary exchanges between two individuals. It started out being worth fractions of a penny.  
Preposterous as it may seem, one Bitcoin was just recently worth about P2.2 million, or $45,000. If you’re an investor or a speculator in cryptocurrencies like Bitcoin, having a couple or more of Bitcoins would rank you as a heavyweight, just like Tesla’s billionaire Elon Musk, who last month announced the company was buying $1.5 billion worth of Bitcoins in preparation for accepting the digital currency as payment for its goods. Going crazy over bitcoins…???
Remember to stay safe
Countless promising investors saw their crypto journey end brutally because they did not pay attention to security. If you’re serious about investing in cryptocurrencies put some effort into reinforcing your security.
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