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What You Should Know About Bitcoin and Other Cryptocurrencies
Are You an Adopter or Investor of Cryptocurrencies? (PDF)? Chances are, you have heard about Bitcoin and other cryptocurrencies; perhaps even wondered about them yourself and why they exist or how they work? Here is everything you need to know.
Bitcoin is one of the world's most beloved cryptocurrencies. A digital version of traditional money, Bitcoin functions like other fiat currencies; however, its values don't fall under regulation by banks or governments like fiat money does; rather it relies on public trust and can be obtained either by mining (verifying transactions on its blockchain) or purchasing on open exchanges.
Cryptocurrencies are unaffiliated with any nation-state currency or company backing them, so their value fluctuates and is unreliable. Cryptocurrencies can also be susceptible to fraud, hacking and mismanagement which is why it's crucial that wallet keys remain safe.
Cryptocurrencies have many uses, from making purchases online to sending value between friends and family in different countries. Bitcoin may provide an affordable way of sending funds abroad without bank fees being an additional burden.
Bitcoin has long been recognized for its use as a form of payment, with numerous establishments accepting it and exchanging for it on various exchanges. You can even purchase credit cards to use with certain retailers if desired - yet there's much more to discover with cryptocurrencies than just buying and spending!
