What’s Crypto anyway?
Updated: May 20, 2021
In short, cryptocurrency is digital money.
Crypto -short for cryptocurrency- are digital assets. Like regular money -called fiat in the world of crypto- can be used to buy goods and services. But unlike regular money, they live in the digital world. This means you cannot hold them like any other coin (USD, euro, etc), instead, you will need to use a wallet, which is the device where you can store your encrypted access to the crypto.
Want something more technical? Crypto are generated and stored in a blockchain, which is a set of solutions for a highly complex algorithm. Thus, every time a new solution for this algorithm gets computed, a new crypto is generated. In the case of Bitcoin, there will be just 21,000,000 generated.
This is a new market. Trading on crypto could be highly rewarding, but at the same time highly risky. So remember, cryptocurrencies are still being developed, are continuously evolving and are a somewhat unregulated market.