Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and to control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009.
Cryptocurrencies are often traded on decentralized exchanges and can also be used to purchase goods and services. Some businesses, such as Overstock.com, accept Bitcoin as payment.
Cryptocurrencies are often volatile and can experience large price swings. Bitcoin, for example, was worth less than $1 in 2011 but reached a high of more than $19,000 in December 2017.
Cryptocurrencies are often criticized for their volatility and for being used for criminal activities such as money laundering and drug trafficking. However, many proponents believe that cryptocurrencies represent a new and potentially revolutionary form of currency.
If you are thinking about investing in a cryptocurrency, here are some things you need to know:
1. Cryptocurrencies are highly volatile and can experience large price swings.
2. Cryptocurrencies are often criticized for their volatility and for being used for criminal activities.
3. Cryptocurrencies can be traded on decentralized exchanges.
4. Some businesses, such as Overstock.com, accept Bitcoin as payment.
5. Cryptocurrencies are often seen as a new and potentially revolutionary form of currency.
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