One of the biggest innovations that has altered the world in ways no one could have anticipated is technology. Although inventions such as industrial growth played an essential part in getting the world where it is, the invention of the internet and thus technology has shaken everything that its predecessor did. It has diversified many sectors, especially those that would have been considered unchangeable such as the finance sector. No one would have imagined that people would trust their money and wealth to be new, unknown, and unverified inventions. Stock market investing was the epitome of where all these started.
However, as time goes on, terms such as cryptocurrency have become very popular, especially with the emergence of Bitcoin in 2008. Unfortunately, although most people have heard about bitcoins, most do not understand what it is and entails. In most cases, cryptocurrency is confusing. The main question by some people is why is everyone talking about bitcoin, and how do those who understand it suddenly make much money in a short time? This leads most people to jump into the deep end blind, not knowing what they are doing. Therefore, this article will highlight the top must-know things about Crypto that you should know before investing.
What is Crypto Currency?
The first step in understanding the operation of cryptocurrencies is understanding their definition to remove the vagueness surrounding them. Cryptocurrency, also known as Crypto, is a digital currency designed to work through a computer network as a medium of exchange that is not tied to any bank or government to maintain or uphold it. Therefore, unlike normal bank operations where there is a central authority, there is no higher power to answer to in the cryptocurrency world. The coin ownership of every individual is stored in a computerized database secured using strong cryptography and blockchain technology. Therefore, in a simple definition, cryptocurrency is a digital currency that…
