Neil Forrester

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For example, Ethereum is not just any kind of cryptocurrency, but it also promotes the use of smart contracts and applications over its blockchain network. Litecoin claims to be able to process transactions much faster than Bitcoin does. Another example would be Zcash, which offers more privacy and anonymity, while Ripple helps banks to make faster transactions at a much lower cost. As you can see, the value is an important element for a cryptocurrency to thrive in the market and remain competitive.

A cryptocurrency is a type of digital asset that functions as a medium of exchange. It is a substitute for money and operates as a virtual currency.

What is Cryptocurrency?
A cryptocurrency is a type of digital asset that functions as a medium of exchange. It is a substitute for money and operates as a virtual currency. As such, it has no physical existence. Instead, it is held and stored electronically (online). Cryptocurrencies are secured by cryptography. Cryptography refers to the process of converting legible information into codes. It was predominantly used during the Second World War. Hence, you can rest for sure that it has a high level of security.

It is worth noting that although a cryptocurrency functions as a medium of exchange, it is not considered fiat money.

Fiat money refers to the official currency of a state, which is regulated by its government. Therefore, cryptocurrencies are not considered as legal tender.

As such, they cannot be used by a debtor to compel his creditor to accept payment. Of course, the exception to this rule is if payment by cryptocurrency is also stipulated in the contract. The good news is that many merchants and individuals around the world now accept cryptocurrencies as a medium of payment.

Bitcoin and all other cryptocurrencies are just a bubble

More and more individuals and businesses around the globe are also becoming more open to the idea of using and accepting cryptocurrencies as a medium of payment.

the fact that illegal transactions using cryptocurrencies got caught by the authorities, it only goes to show that the cryptocurrency market is not the platform for committing illegal acts.