This means advanced coding is involved in storing and transmitting cryptocurrency data between wallets and to public ledgers. You store your cryptocurrency in a digital wallet.Ĭryptocurrency got its name because it uses encryption to verify transactions. When you transfer cryptocurrency funds, the transactions are recorded in a public ledger. Instead of being physical money that is carried around and exchanged in the real world, cryptocurrency payments exist purely as digital entries to an online database that describe specific transactions. It's a peer-to-peer system that can enable anyone anywhere to send and receive payments. What Is Cryptocurrency?Ĭryptocurrency is a digital payment system that doesn't rely on banks to verify transactions. Think of this as Cryptocurrency Investing 101.

So, what is it, is it secure and how do you invest in it? To help, we'll answer those questions. Research suggests most people have heard of cryptocurrency but don't fully understand what it is. There are more than 2,000 different types of cryptocurrencies, and more are developed every day. It was the first cryptocurrency to go mainstream, but others are growing in popularity. Probably everyone heard about Bitcoin by now. Now, a new payment system is emerging: cryptocurrency. With the quick wave of a smartphone, consumers can pay for items at digital registers. Companies and consumers don't always prefer cash anymore, and this behavior is giving way to contactless payments like Apple Pay. Technology has changed the way people work, communicate, shop and even pay for goods.

Check bitcoin transactions