What is cryptocurrency?

The invention of bitcoin kicked off the phenomenon of cryptocurrency. Many other virtual currencies have emerged in the market since. As cryptocurrency continues to become more popular, more businesses are starting to accept it as a real form of currency and are thinking through the different ways that digital currency will potentially affect their business now and in the future.

Cryptocurrencies like bitcoin are increasingly relevant because they are revolutionizing monetary transactions across the globe. Bitcoin is permissionless and irreversible, so many people see virtual currency as an attack on the traditional control of financial institutions.

Cryptocurrency is unique from traditional currency because it is an open system with no gatekeeper. This means that anyone can participate. Cryptocurrency will likely continue to grow in importance to the modern economy in the future. It’s also likely to have profound implications on the way that people spend money and run businesses.

Many people still find themselves stumped by the complexities of virtual currency. To understand where cryptocurrency is headed, it’s important to understand exactly how it works. Fundera created a guide that outlines the fundamentals of cryptocurrencies and explains the essentials of how the system works. Read on to learn everything that you need to know about cryptocurrency.

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