Cryptocurrency is a decentralized digital currency that uses encryption. It is an alternative form of currency to the more common centralized currency like the USD which is regulated by a centralized Government.
Cryptocurrency is a general name referring to all encrypted decentralized digital currency like Bitcoin. Cryptocurrency uses cryptography to create coins and secure transactions. Typically cryptocurrencies are open source with pubic, but encrypted ledgers of all transactions.
There are a number of cryptocurrencies traded in markets, and the growing popularity means that despite volatile prices, market caps and values are growing every year.
Popular cryptocurrencies include the original Bitcoin, Ethereum’s Ether, and Litecoin.
Cryptocurrency is legal and taxable in the US, but it isn’t legal tender (you can’t pay your taxes in Bitcoin). With that said, due to its infancy and history so far, cryptocurrencies should be invested in and used with their historical volatility in mind.
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