1. What is cryptocurrency?
Cryptocurrency is a form of payment that can be exchanged online for goods and services. Many companies have issued there own currencies, often called tokens. Think of them as you would arcade tokens, You’ll need to exchange real currency for the cryptocurrency to access the good or service.
Cryptocurrency works on a technology known as blockchains. Blockchain is a decentralized technology spread across many computers that manages and records transaction.
More than 6,700 different cryptocurrencies are published according to CoinMarketCap.com, a market research websites .The total value of all the cryptocurrencies on Dec18,2020,was more than $645.7 billion according to CoinMarketCap.com, and the total value of all bitcoins, the most popular digital currency, was about $421.7 billion.
2. Why cryptocurrencies are so popular?
Cryptocurrencies are so popular due to some reasons. Some of the popular reasons are given below;
- Some supporters like that there is no owner for the cryptocurrency, the users who are using the cryptocurrency are the owners.
- Some supporters see that cryptocurrencies such as Bitcoin as the currency of the future and are racing to buy them now, before that they become more valuable.
- Supporters like the fact that cryptocurrencies remove central banks for managing the money supply.
- Other supporters like the technology behind cryptocurrencies especially the block chain.
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