what is cryptocurrency?

Cryptocurrency is a digital/Vituralcurrency which can be used to carry out payment of goods and services online. It is also similar to the real world currency.Cryptocurrency makes use encryption technologies which means that cryptocurrencies function both as a currency and as a virtual accounting system and it’s safe for carrying out transaction.

The first decentralized cryptocurrency was Bitcoin, which first released as open an source software in 2009. As of November 2022 there were more than 9000 other cryptocurrencies in the marketplace, of which more than 70 had a market capitalization exceeding $1 billion.

Some examples of cryptocurrency are Bitcoin, Dogecoin, Tron ,and Litecoin.

How to use a cryptocurrency

To use crypto currency you would need a cryptocurrency wallet, which could be installed on your mobile or computer.Crypto wallets keep your private keys – the passwords that give you access to your cryptocurrencies – safe and accessible, allowing you to send and receive cryptocurrencies like Bitcoin and Ethereum. They come in many forms, from hardware wallets like Ledger (which looks like a USB stick) to mobile apps like -Coinbase Wallet,and Trust wallet which makes using crypto as easy as shopping with a credit card online.

Cryptocurrency wallet image

what are the importance of crypto wallet?

Cryptocurrency wallet is totally different from a normal wallet , which can hold actual cash, crypto wallets technically don’t store your crypto. Your holdings are live on the blockchain, but can only be accessed using a private key. Your keys prove your ownership of your digital money and allow you to make transactions. If you lose your private keys, you lose access to your money/Crypto coins. That’s why it’s important to keep your hardware wallet safe, or use a trusted wallet provider like Coinbase or Trust wallet. Cryptocurrency wallet can also be used to manage, transfer, store, browser and also purchase online with ease.



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