Everything You Need to Know About Cryptocurrencies

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Cryptocurrencies

Everything you wanted to know about cryptocurrencies but were too afraid to ask


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Cryptocurrencies knows

Postby Ter В» 25.01.2020

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Like any currency, cryptocurrencies can be used to buy goods and services. But unlike other currencies, cryptocurrencies are digital and use cryptography to provide secure online transactions.

While cryptocurrencies can be used to buy things, much of the interest in these unregulated currencies is to trade them for profit, with speculators at times driving prices skyward. What is cryptocurrency? How many are out there, and what are they worth?

Why are they so popular? Are they a good investment? How do I buy cryptocurrency? Are cryptocurrencies legal? How can I protect myself? Cryptocurrency is a form of payment that can be exchanged online for goods and services. Many companies have issued their own currencies, often called tokens, and these can be traded specifically for the good or service that the company provides. Cryptocurrencies work using a technology called blockchain.

Blockchain is a decentralized technology spread across many computers that manages and records transactions. Part of the appeal of this technology is its security.

More than 2, different cryptocurrencies are traded publicly, according to CoinMarketCap. And cryptocurrencies continue to proliferate, raising money through initial coin offerings, or ICOs. Cryptocurrencies appeal to their supporters for a variety of reasons. Here are some of the most popular:. Cryptocurrencies may go up in value, but many investors see them as mere speculations, not real investments.

The reason? Just like real currencies, cryptocurrencies generate no cash flow, so for you to profit someone has to pay more for the currency than you did. Contrast that to a well-managed business, which increases its value over time by growing the profitability and cash flow of the operation. For those who see cryptocurrencies such as bitcoin as the currency of the future, it should be noted that a currency needs stability.

As NerdWallet writers have noted, cryptocurrencies such as bitcoin may not be that safe , and some notable voices in the investment community have advised would-be investors to steer clear of them. A check is a way of transmitting money too. Are checks worth a whole lot of money?

Just because they can transmit money? Bitcoin and other cryptocurrencies have been anything but stable through much of their history. This price volatility creates a conundrum. If bitcoins might be worth a lot more in the future, people are less likely to spend and circulate them today, making them less viable as a currency.

Why spend a bitcoin when it could be worth three times the value next year? While some cryptocurrencies, including bitcoin, are available for purchase with U. Coinbase is one popular cryptocurrency trading exchange where you can create both a wallet and buy and sell bitcoin and other cryptocurrencies.

Also, the online broker Robinhood offers free cryptocurrency trades Robinhood Crypto is available in most, but not all, U. Also be sure to consider how to protect yourself from fraudsters who see cryptocurrencies as an opportunity to bilk investors. As always, buyer beware. But beyond those concerns, just having cryptocurrency exposes you to the risk of theft, as hackers try to penetrate the computer networks that maintain your assets.

One high-profile exchange declared bankruptcy in after hackers stole hundreds of millions of dollars in bitcoins. At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. Our opinions are our own. Back to top. What's next? About the authors. Power Trader? See the Best Online Trading Platforms.

New Investor? See the Best Brokers for Beginners. We want to hear from you and encourage a lively discussion among our users. Please help us keep our site clean and safe by following our posting guidelines , and avoid disclosing personal or sensitive information such as bank account or phone numbers.

Any comments posted under NerdWallet's official account are not reviewed or endorsed by representatives of financial institutions affiliated with the reviewed products, unless explicitly stated otherwise.

What is Cryptocurrency? A Simple Explanation, time: 2:59
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Re: cryptocurrencies knows

Postby Sagor В» 25.01.2020

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Re: cryptocurrencies knows

Postby Mushicage В» 25.01.2020

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Postby Yozshur В» 25.01.2020

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Postby Jubar В» 25.01.2020

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Postby Meztisho В» 25.01.2020

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Re: cryptocurrencies knows

Postby Shaktilabar В» 25.01.2020

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Postby Goltidal В» 25.01.2020

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Postby Kajigis В» 25.01.2020

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Postby Gasho В» 25.01.2020

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