What are Cryptocurrencies? ...how to you buy them? ...are they a good investment?
- Author
- V Kelly B
- Published
- Sun 23 May 2021
- Episode Link
- None
What are Cryptocurrencies? ...how to you buy them? ...are they a good investment?
What a new user needs to know: Cryptocurrency is roughly the equivalent of using PayPal or a Debit Card, except the numbers on the screen represent cryptocurrency instead of dollars. All a new user needs to do is set up a Coinbase account or download the Cash App to get started. With Coinbase users can buy, sell, send, receive, and store Bitcoin, Bitcoin Cash, Ether, and Litecoin(Coinbase provides an all-in-one wallet, broker, and exchange service making them a one-stop-shop for new users). With Cash App users can buy, sell, send, receive, and store Bitcoin.
The basic concepts are: To use cryptocurrency, you don’t need to understand it (any more than you need to understand the monetary system to use a debit card). However, if you want to understand cryptocurrency you need to understand the concept of digital currency, the concept of blockchain(both as a public ledger of transactions and a technology), and the concept of cryptography. After-all, cryptocurrency is a digital currency, where transactions are recorded on a public digital ledger called a blockchain, and every process along the way is secured by cryptography. The goal of this page will be to help you understand these things and how they connect.
Cryptocurrency works a lot like bank credit on a debit card. In both cases, a complex system that issues currency and records transactions and balances works behind the scenes to allow people to send and receive currency electronically. Likewise, just like with banking, online platforms can be used to manage accounts and move balances. The main difference between cryptocurrency and bank credit is that instead of banks and governments issuing the currency and keeping ledgers, an algorithm does.
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