What is cryptocurrency???

[Dianacruze]

Cryptocurrency is a type of digital or virtual currency that uses cryptography for security and operates independently of a central authority, such as a government or bank. Unlike traditional currencies issued by governments (known as fiat currencies), cryptocurrencies are decentralized and typically utilize blockchain technology to record and verify transactions.

Key characteristics of cryptocurrencies include:

Decentralization: Cryptocurrencies operate on decentralized networks of computers, known as blockchain networks. These networks are distributed across multiple nodes, making them resistant to censorship and manipulation.

Blockchain Technology: Most cryptocurrencies utilize blockchain technology, which is a decentralized and distributed ledger that records all transactions across a network. Each block in the blockchain contains a cryptographic hash of the previous block, creating a secure and tamper-proof record of transactions.

Security: Cryptocurrencies use cryptographic techniques to secure transactions and control the creation of new units. Public and private cryptographic keys are used to verify and secure transactions, ensuring the integrity and authenticity of the currency.

Anonymity and Pseudonymity: While transactions on a blockchain are transparent and can be viewed by anyone, the identities of the parties involved are often pseudonymous. Users are identified by cryptographic addresses rather than personal information, providing a degree of anonymity.

Limited Supply: Many cryptocurrencies have a predetermined maximum supply, making them deflationary in nature. For example, the total supply of Bitcoin is capped at 21 million coins, which creates scarcity and can potentially increase the value of the currency over time.

Peer-to-Peer Transactions: Cryptocurrencies enable peer-to-peer transactions without the need for intermediaries such as banks or payment processors. This allows for fast and low-cost transfers of value across borders and without the need for traditional financial institutions.

Bitcoin, created by an anonymous person or group of people using the pseudonym Satoshi Nakamoto in 2009, was the first cryptocurrency and remains the most well-known and widely used. Since then, thousands of other cryptocurrencies, often referred to as altcoins, have been created, each with its own unique features and use cases.

[UNIVERSE]

I have a grasp of what cryptocurrency is but I would like to know more about it as I am developing more interest in it and would like to start investing, so advisably which crypto should I go for and which App should I use.??

Basically, you can learn cryptocurrency here:
https://academy.binance.com/en/glossary/cryptocurrency
The information is very complete and you can widen your question and get the answer on the link quite well and the explanation is quite clear.

If it is related to investing in crypto, then you have to understand first, cryptocurrency is Bitcoin and Altcoins. For Bitcoin, you don't need to doubt the potential and trust of this coin. This is the first crypto and no doubt for investment.

Now for altcoins, that might be a little tricky and risky. You have to understand more about what coins really have potential and are safe and which are high risk. Maybe this will help you to understand altcoins:
https://cointelegraph.com/news/how-to-pick-or-analyze-altcoins

However, there is actually an easier way, namely if you want to invest in altcoins, choose the top altcoins with a high capital market. Coins such as: ETH, BNB, MATIC, SOLANA, XRP, ADA, LTC, and other top coins, are risky, but still less risky than new coins. Avoid meme coins if you can't optimize your chances of getting profits.
And for exchange use trusted global exchanges or trusted local exchange in your country. Or you can also find altcoins and exchanges based on the ranks on this site:
check on Coin Market Cap:
https://coinmarketcap.com/

 

[Aanuoluwatofunmi]

I believe if op already had an idea on what cryptocurrency is, be wouldn't have come here to make enquiries on what it it, when asking a question, there could be many reasons to why we are doing so, the difference that we have in cryptocurrency to fiat traditional currency is the decentralization, in cryptocurrency, we have the access to take charge over the wallet account and the whole model of handling our finances when there's no regulation.

[KingsDen]

I have a grasp of what cryptocurrency is but I would like to know more about it as I am developing more interest in it and would like to start investing, so advisably which crypto should I go for and which App should I use.??

Cryptocurrency = bitcoin + altcoins
You can learn more about cryptocurrency in this space without people teaching about it. There are alot and enough information in the internet, this forum and the neighbouring forum called bitcointalk.

Concerning the app to use, you may decide to go for no custodial wallets(open source). I doubt you have not stumbled and settled for exchanges yet.

[Dr.Bitcoin_Strange]

OP, just to add to what other members have said, cryptocurency is a digital asset which you can actually acquire it without the knowledge of your friends, family, neighbors or anyone unless you tell them you have bought some cryptocurencies.

Cryptocurency gives room for a flexible investment which you can have access to your money anytime you want and you can also cash out any time you want with ease.

Things you must know about cryptocurency is that it is a volatile asset. If you want start investing, then go with Bitcoin first.

[Ember madison]

Cryptocurrency is digital money that uses cryptography for security and operates on decentralized networks called blockchains, allowing for secure peer-to-peer transactions without the need for intermediaries like banks.

[labid846]

It' is a smart Network chain P2P
The use of encryption technologies means that cryptocurrencies function both as a currency and as a virtual accounting system. To use cryptocurrencies, you need a cryptocurrency wallet.
a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority.
"decentralized cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation"

[Defnotkhianne]

Cryptocurrency is is digital money you can use this to purchase and invest crypto crypto can be distributed across large number of devices any transaction are recorded to at the blockchain

[Z-tight]

Cryptocurrency is is digital money you can use this to purchase and invest crypto crypto can be distributed across large number of devices any transaction are recorded to at the blockchain

Take note that it is not every crypto that is money or is fungible and can be spent on goods or commodities. BTC is money, it is fungible and it is decentralized, but i cannot say the same thing of many cryptocurrencies. So many people think the characteristics of BTC is the same with altcoins, but that is not true, many altcoins are useless and are centralized and controlled by certain people.

[vegasus]

I have a grasp of what cryptocurrency is but I would like to know more about it as I am developing more interest in it and would like to start investing, so advisably which crypto should I go for and which App should I use.??

Hopefully this quote will help you about what is cryptocurrency:

A cryptocurrency is a digital or virtual currency secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Most cryptocurrencies exist on decentralized networks using blockchain technology—a distributed ledger enforced by a disparate network of computers.

More details, here, you can read fully in these articles.
https://www.investopedia.com/terms/c/cryptocurrency.asp
https://www.forbes.com/advisor/investing/cryptocurrency/what-is-cryptocurrency/

Those sources provide easy ways to learn and understand about cryptocurrency, specifically and generally. Only by reading, you can gain exact meaning and more details about cryptocurrency.

And if you are asking about investment in cryptocurrency, it's about you are trusting cryptocurrency for you, by putting your money into certain cryptocurrencies.
but, before investing, please also understand at first about what kind of cryptocurrencies much better for investment.
There are:
- Bitcoin
- Altcoins (so many altcoins ou there, but I suggest you to pick the top altcoin lists, you can see more details on https://coinmarketcap.com/)

Cryptocurrencyinevstment is exactly risky, so, never put very high expectation to be rich overnight by investing in cryptocurrency.

[Sevi]

Cryptocurrency is a digital currency that use cryptography and it's volatile investors and investment.