Cryptocurrency in its simplest form is a virtual currency (also referred to as a digital currency) which is designed to work as a medium of exchange. It received its name due to the fact that it uses cryptography to secure and verify all transactions. It also uses this process to self regulate the creation of new cryptocurrency units. On a technical level it is a limited entry on a database that will not change until specific predetermined conditions are met. It also closely resembles peer-to-peer networks used for file sharing. Sound complicated doesn’t it? Well let’s take a look at this video below to get a better idea of what Crypto is (because it is easier to understand than you think):
What Can Crypto Be Used For?
Almost anything can be purchased using a reputable cryptocurrency such as BitCoin. From goods to services, there is an ever-growing group of online and offline businesses that now accept digital currencies in South Africa. This includes large retailers such as Takealot, clothing companies such as Earthchild and RunwaySale, smart device repairs businesses such as iFix and weFix, and even the online Cape Coffee Beans company.
Would you like to know more about BitCoin? Then please watch the informative video below:
Please also keep an eye out for next month’s article on the Top 10 Most Common Cryptocurrencies, which will cast more light on what’s currently big in Crypto.