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What is a cryptocurrency & how does it work?

A cryptocurrency is a digital, encrypted, and decentralized medium of exchange. Unlike the U.S. Dollar or the Euro, there is no central authority that manages and maintains the value of a cryptocurrency. Instead, these tasks are broadly distributed among a cryptocurrency’s users via the internet.

How do you get cryptocurrency?

For most people, the easiest way to get cryptocurrency is to buy it, either from an exchange or another user. Why are there so many kinds of cryptocurrency? It’s important to remember that Bitcoin is different from cryptocurrency in general. While Bitcoin is the first and most valuable cryptocurrency, the market is large.

Who can use cryptocurrency?

Anyone can use it. Cryptocurrency holds a great value for people who lack access to banks Unlike setting up a bank account, which often requires several layers of identification and documentation, users need only a smartphone or access to the internet to use cryptocurrency. No limits on transactions.

Is cryptocurrency government regulated?

Specifically: Cryptocurrency isn’t government-regulated. Hard currency, i.e. bills and coins, are issued by the U.S. Mint and are backed and regulated by the government. Crypto, on the other hand, has no central issuer or regulating authority. That means cryptocurrency isn’t covered by FDIC protections either. Crypto’s value isn’t fixed.

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