For those of you who are are new to cryptocurrency. It is basically digital or virtual money used as a medium of exchange. It uses cryptography to secure and verify transactions. It also uses cryptography to control the creation of new units of a particular cryptocurrency.
How was digital money discovered?
Even though there were attempts to create digital cash in the late 1900's , they failed miserably due to frauds and financial problems. No one really bothered about the attempts that were made back then.
But then in 2009 a man named Satoshi Nagatomo introduced Bitcoin. He described it as a peer to peer electronic cash system. Bitcoins are decentralized which basically means there are no servers involved and there is no authority that can control it. To control frauds and other problems this decentralized network was made public which means everyone could see every account's balance. The transaction is basically a file that contains the wallet addresses of both the sender and the recipient. The transaction should be signed out by the sender with a private key to end the transaction.
NOTE: Even though crytocurrencies might have the value to pay off your college fees, it is a high-risk investment. Indeed there are stories of people buying crypto currencies and becoming millionaires. Bitcoin is the best crytocurrency in the market today with a high value. In November 2017, the price of 1 bitcoin was equal to $7000. Accepting cryptocurrencies
as payment is equal to accepting cash.
Most common cryptocurrencies
How to store
Cryptocurrencies are digital. Therefore it is not you who stores it. It is your private key.
How to buy
Crypto ATM's are now available in over 58 countries.
1 Bitcoin = 6,578.96 USD ( As of 9th October 2018)
