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What is cryptocurrency? And what are the pro and cons of it?
What is cryptocurrency? The simplest definition of a cryptocurrency is that it’s a digital currency. It might sound too good to be true, but it’s not. Cryptocurrency is the money of the future and it’s here to stay. The good thing about having a virtual wallet is you can use cryptocurrency for anything from eating out, shopping online, paying your mortgage or even investing in start-ups.
What is cryptocurrency?
It is quite difficult to define how many cryptocurrencies are out there because you need to include cryptocurrencies like Bitcoin, Ethereum, Litecoin and more. If you’ve ever seen the recent rush on Bitcoin and the like, you’ll know that cryptocurrencies have become incredibly popular. Many of them have exploded in price, and many of them have been launched in the last year. One thing to note is that cryptocurrency is not illegal in any country, and it can even be used to pay taxes. It is a completely peer-to-peer currency that is completely decentralised. That means that there is no middleman, and it means that the cryptocurrency economy is an entirely new way to conduct business.
Pros and Cons of cryptocurrency
If you’re new to cryptocurrency, then you should know the following about them: Pros of cryptocurrency: * It’s super secure. It’s different from traditional banking because it’s not controlled by banks, the government or any institution in the world. * It’s cheap. It has great benefits for people who are spending a lot of money. * They make it easy for businesses to accept. They don’t have to deal with the hassle of finding a bank account that will allow them to accept payments or requiring a business account to be in place before they can accept any cryptocurrency payments. * You can use it for anything. It’s the perfect currency for mobile users. * You can also use it to purchase products and services. * It’s super easy to use.
A Few Examples of cryptocurrencies
There are more than a hundred cryptocurrencies in existence. Below is a small selection of the more famous ones: Bitcoin – Perhaps the biggest and most well known cryptocurrency on the market, it has a market cap of over $90 Billion.
Dash – This is one of the most volatile cryptocurrencies out there, however, it is still a very popular and widely used one.
Monero – This is considered to be one of the more secure cryptocurrencies on the market. It has a market cap of $7.1 Billion.
Litecoin – This is another popular and well used currency in the market with a market cap of $7.5 Billion. Ethereum – This is one of the most well known cryptocurrencies out there with a market cap of $27.4 Billion.
Just remember, cryptocurrency is like any other form of money; it’s the amount of value that it holds that counts. Just because it’s virtual doesn’t mean it’s not real, and just because it’s money doesn’t mean it isn’t true money. For us at the Your Money team we’re big fans of cryptocurrencies, although like any form of investment, it comes with risk. Cryptocurrency, just like the value of any currency, is also dependent on whether other people think it’s valuable, and whether they accept it as such. So you may like to keep an eye on the price, but also take a look at the speed of transactions and security of the provider that your cryptocurrencies are being kept in.