What is Cryptocurrency? 8 Common Questions Answered.

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1. What is Cryptocurrency?

Cryptocurrency is any digital store of value that one can exchange for goods and services.

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2. What Is the Purpose of Cryptocurrency?

Cryptocurrency was initially conceived as a way of as a virtual currency and alternative form of payment versus traditional banking.

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3. What Is Blockchain Technology?

All cryptocurrency transactions are recorded on a blockchain public ledger. You can think of a blockchain similar to your account history on an online bank account. Transaction information gets stored in “blocks” that can be “chained”

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4. What Do Transactions Look Like on the Blockchain?

Every transaction includes three critical pieces of information: Input, Output, and Amount.

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5. How Do Cryptocurrency Wallets Work?

Each wallet consists of two random strings of characters. The first string acts like a username to signify your account on the blockchain, while the second is a private key or password.

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6. Are Cryptocurrencies Safe?

Blockchain technology is often described as “hack-proof” because any hacker would need to modify all blocks simultaneously to ensure that the chain was in agreement.

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