What is Cryptocurrency and Bitcoin?

Bitcoin, like other cryptocurrencies, is a digital currency, which means it does not exist physically. Cryptocurrencies are designed as an exchange medium that uses cryptography to secure transactions, control the creation of new crypto-units, and the confirmation of transfer of funds from one account to another. Cryptocurrencies can be exchanged for “real” money or other tangible assets and services. Let’s say it’s something like a card payment or a bank account.

Bitcoin is a Cryptocurrency. It was actually the first one back in 2009. Regular stores don’t accept bitcoin as a payment method yet, since it is a digital currency, but some are beginning to. In Las Vegas, for example, the Golden Gates Hotel and Casino, are accepting bitcoin in their hotels and restaurants. It is only a matter of time for bitcoin to be accepted almost everywhere.

No problem @albino. The big three is just a way of putting it, but this is not a trading site, just an informative and debating site. I do trade cryptocurrencies on Binance, so if there is anything you need to know, just ask away. 😉

Great question – one I was just about to ask. @Denis, @Coral and @avsf – your responses to @albinoe have started to demystify cryptocurrencies for me.

So are Binance, Kucoin, Kraken and Cryptopia brokers for cryptocurrencies? I thought cryptocurrencies were traded on the same brokers as for forex.

I don’t know if there are brokers where we can trade crypto, but there are a few reliable exchanges @Henning.

@Fox, I’ve started using Kucoin some more, got used to the interface. I suppose it’s a matter of habit.

If anyone wants to register on Binance, here’s my referral link: https://www.binance.com/?ref=13100081

If anyone wants to register on Kucoin, here’s my referral link: https://www.kucoin.com/#/?r=8ysfHr

Yes, cryptocurrency is now being accepted at a lot of major retailers today- and a few that do, are Overstock.com and they were the first big retailer to start accepting bitcoins online. Also Expedia, one of the world’s largest online travel booking agencies accepts bitcoin, and you can pay for your hotel booking this way. My favorite though is the site that accepts bitcoins and 45 other cyrptocurrencies for pizza and is called PizzaForCoins. Once the site verifies a pizza joint(like Pizza Hut or Dominos for example) close to your location, you can order your pizza and pay for it with digital currency.

Yes, a cryptocurrency does not physically exist, but if paper cryptowallets has been already invented , then we can assume that it’s already a real physical currency which is just not yet in circulation.

Cryptocurrency – is our future. I really hope that it will be more protected and backed up by something, than the dollar now.