Are you still confused about Bitcoin? Or maybe you don’t know what cryptocurrency is and why it is so significant. Our Bitcoin survival guide will outline everything you need to know and help you make the right decisions when investing.
Throughout this guide I will refer to Bitcoin, but the information applies to Litecoin, Ripple and Ethereum as well. Read on to find out all you need to know about Bitcoin and surviving the market trends.
What is cryptocurrency?
A cryptocurrency is a digital currency that uses cryptography to secure its transactions.
How can cryptocurrency be used as money?
Currency is a system of money and a form of exchange in general use in a specific country. At present, the Dollar is the most widely used currency around the world.
Anything can be used as a form of exchange, and this includes cryptocurrency.
Bitcoin is a ‘cryptocurrency’
Bitcoin is a type of cryptocurrency. There are many other cryptocurrencies such as Ripple, Litecoin, Dash, etc.
Bitcoin is the most popular because it was the first successful cryptocurrency to emerge. It is a digital currency that can be used to complete a transaction between two parties without involving a middleman. It allows direct, private transactions between users with almost no transaction costs. This is achieved because it is powered by blockchain technology.
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