What is crypto & how does it work?

Cryptocurrency is digital currency that doesn’t require a financial institution like a bank to verify transactions. In recent years it has become a topic of discussion from high profile business people like Elon Musk. Yet, despite the presence of crypto it may seem mysterious. Use this guide to learn about what crypto is and how it works.

Which cryptocurrencies use encryption?

However, there are also privacy-oriented cryptocurrencies, like ZCash and Monero, that can use encryption to obscure the value and recipient of a transaction. Some of the tools that were developed as a part of cryptography have found important use in cryptocurrency.

What are the advantages of using crypto over traditional money?

There are several advantages of using crypto over traditional money. From its ease of use to its availability and security, cryptocurrency has become a viable alternative to traditional money by offering users new and unique features. They include: Very low transactions costs.

Is cryptocurrency a Public Ledger?

Cryptocurrencies exist and operate on a public ledger called a blockchain, which records all crypto transactions. Blockchain encryption is designed to make all transactions immutable and secure from tampering, counterfeit, and other forms of fraudulent transactions. Is cryptocurrency a type of money?