Cryptocurrency is a digital version of money that takes the form of virtual tokens or coins. You can use it to buy or sell items from people or companies that accept such payments.
There are a range of cryptocurrencies available including, Bitcoin, Ethereum, Litecoin and Cardano, each with individual values and rules. Bitcoin is currently the most widely used.
Advantages of using cryptocurrency
-A cryptocurrency transaction is generally a quick and straightforward process. For example, Etherium/Bitcoin can be transferred from one digital wallet to another, using only a smartphone or computer.
-Every cryptocurrency transaction is recorded in a public list called the blockchain, which is the technology that enables its existence. This makes it possible to trace the history of Bitcoins to stop people from spending coins they do not own, making copies or undoing transactions.
-Blockchain aims to cut out intermediaries, such as banks and online marketplaces, which means there are no payment processing fees.
-Cyptocurrency payments are becoming more widely used, amongst large organizations.
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