What are Cryptocurrencies?

Crypto currencies stand out in the global investments and have caught investors’ minds like nothing before. They have become so popular right from top companies to individual local people. Everywhere, the talk is crypto currency.

Thanks to technology, we are living in the crypto world.

A crypto currency is a decentralized form of currency that is cryptic and managed in a peer to peer system. It has no physical representation just verified ledger entries in a database of accounts, balances and transactions where by no one can change without fulfilling certain conditions.

Crypto currencies being decentralized are not controlled by any central governing bodies such as Central banks. They are fast and can be used as a means of payment worldwide.

Crypto currencies have been around since 2009.  Bitcoin and Ethereum remain the most popular so far among other cryptoes. They are taken to be digital currencies.

They include: Bitcoin, Ethereum, Ripple, Litecoin, Monero, Ethereum classic, Dash, Augur, Nem and many others.

The value of crypto currency is determined on exchanges just like the value of other currencies.  As more people accept and embrace its existance their value too increases. Crypto currencies are traded in exchanges which have a catalogue of all currencies and their prevailing market value.

When you start a conversation with certain individuals about crypto currencies no one will seem interested at all but how about when you decide to talk about Bitcoin everyone wants to listen.

It’s Bitcoin that people fell in love with and are still taken up to an extent that some individuals have invested their money in bitcoin but they don’t actually know how bitcoin came about or exactly what it is.

All they are interested in is investing in something that brings a higher yield. So what is this Bitcoin?

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