What are cryptocurrencies?

The cryptocurrency, also called virtual or cryptodivisis currency, is digital money. That means there are no coins or physical tickets – everything is online. You can transfer a cryptocurrency to someone on the Internet without an intermediary, like a bank. The best known cryptocurrencies are Bitcoin and Ether, but new crypto-moneas are still created.

People could use cryptocurrencies to make quick payments and to avoid transaction charges. Some people could acquire cryptocurrencies as an investment, with the hope that their value will increase. Crypto-monses can be purchased with a credit card or, in some cases, through a process called “mining.” Cryptocurrencies are stored in a wedge or digital wallet, either online, on your computer or in another physical support.

Before buying a cryptocurrency, you have to know that you do not have the same protections as when you use US dollars. You also have to know that scammers are asking people to pay with a cryptocurrency because they know that, usually, these payments are irreversible.

By Federal Trade Commission

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