Cryptocurrencies are backed by a public ledger system known as the blockchain, which ensures that decentralised, peer-to-peer transactions are conducted without the need of a third party, such as a bank or government.
When Bitcoin was launched in late 2008 as the first cryptocurrency, it was intended to be the future of money. Several cryptocurrencies have since sprung up, and while most of them have attractive monetary qualities, investors have particularly been concerned with their characteristics as a digital store of value.
Cryptocurrencies carry inherent value, and this has made them legitimate financial assets that can be bought and sold for profit. Based on this, cryptocurrency trading is the buying and selling of various coins or tokens with the aim of generating a profit.
Blockchain is an open digital distributed ledger that publicly holds records in a manner that is secure, transparent, and decentralised. It is essentially a public database that is not controlled by one single entity.
A wallet is a piece of software or hardware that gives you the ability to store and exchange your cryptocurrencies. Think of a crypto wallet as a ‘crypto bank account’ that helps you to keep your coins or tokens.
Cryptocurrencies have emerged as a lucrative opportunity for an investment portfolio. Their prices are less influenced by underlying economic performances or political stability, and more by demand and supply.
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