Cryptocurrency, it’s confusing… Why is everyone talking about bits and dogs? What’s with all the memes? Why does your cousin’s sister’s nephew suddenly have a Lamborgini? All these questions and more will be answered. Here is everything you need to know about cryptocurrency to prepare for the future and sound smart at parties.
Don’t consider any of this as investment advice. It’s not.
Q: What is cryptocurrency? (If you see phrases you don’t understand, check the glossary at the bottom of this article)
Cryptocurrency is like regular currency, but completely digital.
Cryptocurrency comes in many forms, intentions, and uses. The simplest way to look at cryptocurrency is a form of stored value (money) that is not beholden to governments or central agencies like banks, states, or companies. All records of its creation and when it’s sent or received are stored in a sort of big digital book that anyone can access, keeping it honest. It can’t (easily) be stolen or seized and can be used anywhere in the world.
Cryptocurrencies make it possible to lend, sell, buy, or borrow without an identity, credit score, or even a bank!
Some coins are used to transfer value (measured in a currency like dollars) cheaper and faster than using credit or conventional means. Meaning the cost to