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28. November 2017

Cryptocurrencies basics

Cryptocurrencies

Cryptocurrency is a general name referring to all encrypted decentralized digital currency like Bitcoin. Cryptocurrency uses cryptography to create coins and secure transactions. Typically, cryptocurrencies are open source with public, but encrypted ledgers of all transactions.

There are many cryptocurrencies traded in markets, and the growing popularity means that despite volatile prices, market caps and values are growing every year.

Popular cryptocurrencies include the original Bitcoin, Ethereum’s Ether, and Litecoin.

Cryptocurrency is legal and taxable in the many countries, but it isn’t yet legal tender (In most countries you can’t pay your taxes in Bitcoin). With that said, due to its infancy and history so far, cryptocurrencies should be in your portfolio, invested in and used with their historical volatility in mind.

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