What are Cryptocurrencies? Is Cryptocurrency Real Money?

Cryptocurrency is a type of digital currency that is made to be protected and, mostly, secret. It is a digital money connected with the internet technology that relies on cryptography, the method of converting readable information into a practically illegible code, which is hard to decipher, to track transactions and online purchases.

Cryptography was created in need of private and secured contact during the Second World War. It has later developed in the digital period combining computer science with the mathematical theory to make an approach to safe and secure communications, online currency exchange and information sharing.

The first and best-known Cryptocurrency was Bitcoin that was designed in 2009. There has been a rapid increase in numbers of Cryptocurrencies in the last decade and there are now over 950 available Cryptocurrency on the internet.

Is Cryptocurrency Real Money?

Of course, Yes.

In view of the fact that this is a new concept to the majority people, it will surely take some time to become broadly accepted. This is where Bitcoin, as the first and widely accepted Cryptocurrency, has been helpful in paving the way for recognition of this new technology. Online payment processors, Stripe as an example, also let their merchants accept payments from Bitcoin.

Note that other Cryptocurrencies like Ether or Litecoin are not widely accepted. However, they will surely make a position among people’s mind towards the acceptance of other Cryptocurrencies as like Bitcoin.

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