What Is Cryptocurrency? 8 Common Questions Answered

Cryptocurrencies frequently appear in the news, often following wild price spikes, and sometimes to cover the revolutionary blockchain technology they are built upon. 

But these news reports usually do a poor job of explaining what cryptocurrency is if they attempt to do so at all.

It can be hard to find unbiased education among the banter of promoters and investors who stand to benefit if you choose to invest in the projects they’re backing.

Cryptocurrency is any digital store of value that one can exchange for goods and services. 

What Is Cryptocurrency?

Bitcoin is the oldest and most well-known example of a digital currency, invented by a person or persons using the pseudonym “Satoshi Nakamoto” in 2009.

Since then, many cryptocurrencies have emerged as alternatives with unique features or use cases to distinguish themselves from the original Bitcoin.

What Is the Purpose of Cryptocurrency?

Cryptocurrency was initially conceived as a way of making international trade easier. 

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