What is cryptocurrency

faq

What is a fiat currency?

Fiat currency is currency governed by central banks and governments, like the US dollar, Euro, or Yen.

What is cryptocurrency?

Cryptocurrency is another form of money, kind of like fiat currency, except governed by open source software and decentralized consensus instead of central banks and governments.

Each cryptocurrency has its own set of rules, like when and how new currency is issued.

Generally, cryptocurrencies offer these properties:

Permissionless | No one can prevent you from transacting.
Finite supply | The software limits how much currency exists to protect against loss of purchase power through inflation.
Cheap | Transactions typically cost less than 1 cent USD.
Irreversible | Payments cannot be reversed once settled to the blockchain.
Open participation | Anyone can participate in the process of creating new currency or maintaining the software.
Auditable | The code and money supply can be audited for correctness.

What is blockchain?

Blockchain is the technical innovation that makes cryptocurrency possible.

A blockchain is simply data recorded on many computers all over the world. People are paid to protect data on the blockchain with the blockchain’s inbuilt cryptocurrency.

What makes crypto valuable?

All money is a concept of agreement where its value depends on others to accept it as valuable.

To determine the price of cryptocurrency, people all over the world meet to buy or sell crypto on exchanges or other marketplaces.

The price is the point where offers to buy meet offers to sell on these exchanges.

What is a crypto wallet?

A crypto wallet lets you send and receive cryptocurrency.

It can be an app on your smartphone or desktop computer or a dedicated hardware wallet.

What wallets do you recommend?

Exodus and Coinomi are two popular wallet apps which support multiple cryptocurrencies, but there are many available to choose from, so find reputable wallet apps which best fit your needs.

Which cryptocurrencies do you recommended?

I need further assistance. What should I do?

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