They are the digital equivalent of paper money, and are stored and traded virtually. More than 10,000 different cryptocurrencies are traded publicly.
Why are cryptocurrencies so popular?
Cryptocurrencies appeal for a variety of reasons. Most common reason:
- cryptocurrencies such as Bitcoin as the currency of the future and are racing to buy them now, presumably before they become more valuable
- cryptocurrency removes central banks from managing the money supply, since over time these banks tend to reduce the value of money via inflation
- technology behind cryptocurrencies, the blockchain, because it’s a decentralized processing and recording system and can be more secure than traditional payment systems
- Some speculators like cryptocurrencies because they’re going up in value and have no interest in the currencies’ long-term acceptance as a way to transact money
How do I buy crypto currency
To buy crypto, you’ll need a “wallet,” an app that can hold your currency, like how bank holds money, crypto is a digital product and is therefore stored online. Generally, you create an account on an exchange, and then you can transfer real money to buy cryptocurrencies such as Bitcoin or Ethereum or you can buy from a vendor.