What is a Cryptocurrency?

A Cryptocurrency, cryptocoals or cryptokenetics is a virtual asset designed to operate like a traditional currency, in which user coin ownership data is stored in a public ledger available in a format similar to that of a computerized accounting system. This type of currency has no physical asset but rather is only a series of numbers which represent a certain value. The most popular and well known form of cryptocoals available to the general public is BitUSD (bitsalers) from the Genesis-Mining project.

In recent years there has been a growing interest in using Cryptocurrencies as both a hedge against currency risk and as an investment vehicle. Most cryptojacks have either zeroed in on a specific use case or a wide range of potential applications, and thus the vast majority of the market is either based on some kind of emerging Cryptocurrency such as Dash or Litecoin, or on one of the many older but still reliable currencies such as the Swiss franc (the most widely used Cryptocurrency in the world), the Canadian dollar, or the Australian dollar. While the appeal of Cryptocurts as hedge funds and investment vehicles is growing, there are also many businesses and individuals who simply see Cryptocurrencies as a vehicle for online transactions. This article is not written by or checked for accuracy by a certified accountant.

One of the benefits of investing in Cryptocurrencies is that they function just like traditional assets, with the major difference being that they are not controlled by any single entity. Because of this freedom from corporate control most modern Cryptocurts are self-administered, and there are no brokers or exchange centers managing the trade in this way. This makes for a dynamic market that allows for considerable fluctuations in the price of the leading Cryptocurrencies.