What is Cryptocurrency?
The following information is for educational purposes only and does not constitute an endorsement of this type of Cryptocurrency. Consider seeking tax and financial advice from licensed professionals.
Cryptocurrency is a computer-generated file designed to be a completely digital store of value that isn’t connected to anything tangible in the real world.
Short for Cryptocurrency, many believe Crypto could one day be as commonly used as cash and credit. Rather than paper bills, Cryptocurrency is counted in digital units or “tokens” that can be purchased and sold in fractions.
It isn’t regulated
For the time being, Cryptocurrencies aren’t regulated by governments or central authorities like federal regulatory agencies because they don’t belong to any nations, organizations, or private.
It’s a technology
Most Cryptocurrencies work on an ecosystem of computer programs running on thousands of devices around the world, known as Blockchain technology. Since many of the most prominent Blockchains are public, the information in these networks is protected using Cryptography, or complex computer-generated code. This is what puts the “Crypto” in Cryptocurrency.
Bitcoin launched in 2009 as the first Crypto in the world. Today, there are thousands of Cryptos – each one offering new possibilities and pathways to wider adoption. Three of the most popular ones are available on PayPal along with Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.