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Cryptocurrency Basics

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Cryptocurrency is a general name referring to all encrypted decentralized digital currencies like Bitcoin.

Cryptocurrency uses cryptography to create coins and secure transactions. Typically cryptocurrencies are open source with pubic, but encrypted, ledgers of all transactions based on blockchain technology.

There are a number of cryptocurrencies traded on cryptocurrency exchanges, and the growing popularity of cryptocurrency 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, it is considered investment property). With that said, due to its infancy and history so far, cryptocurrencies should be invested in and used with their historical volatility in mind.

Click on any of the pages below to learn more about cryptocurrency.

TIP: If you are new to cryptocurrency, check out our guide to cryptocurrency for beginners.

How to use Fantom (Simple)

To use Fantom Network for DeFi and swaps like SpookySwap, download MetaMask, set up a custom RPC, and then bridge Fantom via Multichain.xyz.

NFT OpenSea example

How to Buy and Sell NFTs

To buy a NFT, send ETH to a web3 wallet like MetaMask. Then, connect your wallet to the NFT’s website, or a marketplace like Nifty, OpenSea, or Rarible. Next, buy or bid on the NFT you want.

Negative GBTC Premium

GBTC’s Premium Went Negative!

GBTC, which often trades at a high premium traded negative today. Right now, BTC is at $48k and Grayscale is trading under $45.

Square Buys $170 Million BTC

Square bought 3,318 more bitcoins for a total of $170 million. This follows a previous purchase and recent purchases by Microstrategy and Tesla.

Failed Transactions on Ethereum

When a transaction fails on the Ethereum network, you are still charged. Transactions fail when there isn’t enough gas to pay for a transaction, or a smart contract rejects a transaction.

What is DeFi?

DeFi is short for Decentralized Finance. DeFi describes decentralized lending, borrowing, and interest-bearing systems like Maker and Compound, most of which are Ethereum-based.