Cryptocurrency is digital money. There are no physical coins or cash representing any of the crypto coins on the market- and there never will be. This is strictly electronic money.
Bitcoin was the first cryptocurrency to hit the market but thousands of other coins have since been launched. That’s the nature of crypto: anyone can use blockchain technology to create a coin; how much it will be worth depends on its utility and perceived value in the market. Most coins are not accepted by the masses and ultimately wind up useless.
For crypto enthusiasts, cryptocurrency represents the future of money. It’s still hard to say how much or how little this technology will change our traditional financial system. Nevertheless, the blockchain technology underlying cryptocurrency has many applications and is likely here to stay.
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Many people, especially new crypto investors, will use the term “Cryptocurrency” and “Bitcoin” interchangeably. Bitcoin is the most expensive and most popular cryptocurrency coin on the market but it’s not the only one. As the leader in this space, Bitcoin’s price and its investors’ sentiments typically reflects that of the whole cryptocurrency market.
Presently, cryptocurrency can only be stored and spent on limited platforms. More and more fintech brands and retailers are switching to support cryptocurrency every day.
Shopify was one of the first large e-commerce platforms to accept Bitcoin as a form of payment. They’ve since expanded, partnering with cryptocurrency trading platforms that also support Ethereum, Litecoin, and more than 300 other cryptocurrencies as forms of payment.