What is Cryptocurrency, and what is it used for?

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Over the last 10 years, cryptocurrency has been one the most talked investments in the world but the big question is what exactly is a cryptocurrency, and what is it used for?

In this article, we will answer the answers to these questions so that you can be more knowledgeable about cryptocurrency.

What Exactly Is Cryptocurrency?

Unlike cash or coins, cryptocurrency is an asset that’s 100% digital and can be used as a medium of exchange over the Internet.

What makes cryptocurrency so unique is that this form of currency is not reliant on the banks, so it’s not under control of the central banking system.

Crypto uses decentralized control, therefore it’s future isn’t reliant upon interest rates, stock markets, or what’s happening in economies around the world.

Many people have invested in cryptocurrency over the last 10 years to protect what wealth that they had left after the economy crashed in 2008 and those people who have held onto their Bitcoins or cryptocurrency since then have seen an awesome return on their investments.

What Is Crypto Used For?

Since cryptocurrency is a method of exchange like U.S. Dollars, it can be used for buying things online, or in some physical location, anywhere this form of currency is accepted.

Should you invest in cryptocurrency? The answer to this question should be yes, especially as there has been more of a demand for this form of currency around the world and with the shaky global economy, it just makes sense for investors to diversify their portfolios with some cryptocurrency in these times.

Disclaimer: The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. This is the Authors opinion.

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