As you might have heard before, one of the most popular payment options used nowadays is to deposit with cryptocurrencies. But what is a cryptocurrency? 

Cryptocurrency is a digital currency that uses cryptography to keep it safe, hence the name. Thanks to this, it is hard or even impossible to alter or counterfeit. Most of the cryptocurrencies are decentralized systems. This means that banks or governments can’t control its value. They are based on blockchain technology. This tech spreads them through an online network. So now we have the best feature of cryptocurrencies, its organic nature. As we mentioned, no governments or central banks can officially interfere. Thus, the transactions don’t require intermediaries anymore. In turn, this reduces costs for both sides of the transfer tremendously.

The first cryptocurrency on blockchain technology was Bitcoin. Even currently, it is the most popular and valuable one. Additionally, there are hundreds of other cryptocurrencies around. Some of them are popular for more specific businesses or markets. However. we will not go that deep in this article. What you must know is that some of them are called “clones” as they work the same as the original, Bitcoin. Some others are referred to as “forks”, as they split from an existing cryptocurrency.