VOXATL.COM • JAN 19, 2018
post originally found on https://www.wabe.org/beginners-guide-cryptocurrency-teens-can-benefit/
By Lauren Nash
We’ve been been hearing buzzwords like “Bitcoin,” “Ethereum,” and “Coin Exchange” floating around in the news. That’s because the world of cryptocurrency has started to take off and is gaining national attention. You may feel left out because you don’t understand this trend. Don’t worry, this complete beginner’s guide will teach you everything you know.
What Is A Cryptocurrency?
According to Cryptominded, a curated directory of cryptocurrency resources, “Cryptocurrencies have been around for over eight years, and they currently have a market value of around $170 billion.”
Simply put, cryptocurrency is money in digital form that utilizes computer cryptography to secure transactions. It’s almost like digital cash.
Cryptocurrencies are revolutionizing the way we do financial transactions. Here’s the big kick: Cryptocurrency allows for seamless, direct transactions between parties without needing the validation of a central authority.
It used to be that external parties such as banks had to validate each transaction you made. You gave them your information, and they, in turn, managed and kept track of your transactions. Instead, cryptocurrencies eliminate the need for a “middle man,” per se. As the owner of your cryptocurrency, you have control of all payments without a central authority watching.
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