In recent years, the popularity of cryptocurrency has exploded. Retailers, banks, and companies are all now accepting crypto as a form of payment, and estimates suggest there are now over 4,000 types of cryptocurrency in circulation.
The biggest of all these is bitcoin, which first appeared in January 2009, While the term might be something you are familiar with, do you know what crypto is?
WHAT IS CRYPTOCURRENCY?
Cryptocurrency ia a digital currency that is decentralized from and country or network. This makes it highly attractive as it is able to withstand potential turmoil or an economic downturn, Cryptocurrency uses blockchain technology, and users can mine units of currency utilizing their computer- although nowadays, it is also possible to purchase online through a brokerage.
Unlike traditional money, which is stored in a physical bank, cryptocurrency is entirely digital. Users store their Bitcoin in an online bank or wallet. A cryptocurrency wallet is a piece of software that you install onto your smartphone or desktop and keeps your currency secure. Users are also able to transfer these onto hardware, such as a USB stick, but this does increase the risk of losing it.
HOW DO YOU USE BITCOIN?
Cryptocurrency such as bitcoin is now able to be spent with thousands of retailers around the world. Buyers simply need to choose their relevant crypto option during checkout, and the money will be taken in the same way traditional cash is.
There are also new ways to spend cryptocurrency in physical stores too. Visa and MasterCard now offer crypto debit cards, helping to unlock even more opportunities for users.
There are many benefits to using cryptocurrency, and the likes of Bitcoin are only becoming more popular. While cash is still the leading form of payment, the world is becoming increasingly more digital, and crypto looks set to become a major part of the future.
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