Many of us have heard of cryptocurrency and NFT’s at some point, but you may be unsure of what they actually are and why they have been all the rage. Because of their digital use, many people tend to confuse the two and we are here to clear things up.
WHAT IS CRYPTOCURRENCY?
Cryptocurrency, otherwise known as crypto, is a form of digital currency created to use over the internet and doesn’t rely on banks as the middleman in terms of verifying transitions. Instead, cryptocurrency utilizes cryptography and a blockchain to secure transitions. Cryptocurrency is used for peer-to-peer transactions that allows any holders to send and receive payments that are stored in your digital wallet. Cryptocurrency utilizes encryptions, which are in place to verify all transactions. This provides extra security and safety for those who use it.
There are many different forms of cryptocurrency out there in the world, including but not limited to: Bitcoin, Ethereum, Litecoin, Dogecoin, among many others. Bitcoin was the first cryptocurrency that was launched in 2008 and remains to be one of the biggest, most known, and influential cryptocurrencies out there today.
Cryptocurrency is not tangible, as it is considered a digital currency that allows crypto-owners a key that permits them to move a record or a unit of the measure from one person to another, without the need of a third party, such as a bank.