Cryptocurrency or cryptomoney is the nomenclature used to refer to digital currency, this money is encrypted to ensure your protection and security. This monetary value, unlike traditional currency, only exists in the virtual universe.
Like other types of currencies, cryptocurrency is used to purchase goods and services. But its main advantage is the fact that it is not tied to any banking system. For this reason, its transfer via the internet, for example, becomes cheaper, as there is no need to pay the user fees of financial institutions.
The encryption of these currencies is done through a series of source codes that are very difficult to be deciphered, mainly by hackers and other online criminals.
As stated, the cryptocurrency follows a decentralized system, fleeing from the need for administration by central bodies, such as financial institutions and banks, for example.
Anyone can buy or sell cryptocurrencies by purchasing them in online marketplaces, for example. To do this, just use "traditional money" to buy credits that will give you the right to buy the first cryptocurrencies. The value of cryptocurrencies are quite volatile, ranging from tens to thousands of dollars, the value of 1 bitcoin, for example.
In addition to Bitcoin, one of the most popular digital currencies in the world, there are several other cryptocurrency units, such as Litecoin, BlackCoin, Aeon, Monero, and several others. In fact, all other alternative currencies to bitcoin are called altcoins, whether or not they are based on the BlockChain - digital currency register bases.
Learn more about Bitcoin.
