A cryptocurrency is a type of digital currency that can be used to purchase services and goods. This currency entirely exists on the internet and does not exist in a physical form. However, individuals can sell their cryptocurrency on the crypto market exchange and earn a profit in their country's currency.
Cryptocurrency works on a concept called 'blockchain', wherein an online ledger is maintained for all the transactions to ensure the safety of all transactions. A blockchain is a decentralized technology that is spread across several computers which record and manage different transactions. A cryptocurrency can be used for online transactions.
Some companies have launched their own cryptocurrencies. If you wish to purchase a cryptocurrency, you will need to purchase it with real money. You can find its price on the crypto market exchange. The crypto market exchange will list all the cryptocurrencies available for you along with the price at which individuals can purchase them.
There are around 6700 different cryptocurrencies available in the market. They are mostly used for online trading, just like the stock market. Along with this, there are many individuals that view cryptocurrency as the future of currency. However, cryptocurrency carries a decent amount of risk with it. It is advised that individuals must dive into cryptocurrencies with caution.
Some of the top cryptocurrencies are: