Cryptocurrency

Any form of currency that only exists digitally, that usually has no central issuing or regulating authority but instead uses a decentralized system to record transactions and manage the issuance of new units, and that relies on cryptography to prevent counterfeiting and fraudulent transactions.

Where it is used? Cryptocurrency is another way of currency just like FIAT. As a payment method it can be used on daily bases for services or goods, if they are excepting crypto.

What’s the use of it? Immediate transactions, no transaction fees (lower fees), no centralized authority, it is the reality we are living in.

Interesting facts

  • 2112 cryptos there areā€¦ and counting
  • It is estimated that there are between 6 million to 12 million active wallets storing cryptocurrency.
  • Binance (the biggest cryptoexchange) now has more users than the population of Hong Kong