Hi. I don't know too much about current financial and technological trends. I have heard something about cryptocurrency through a few people I know from a chat site I frequent. They were boasting about how much money they made with "bitcoins".
According to https://en.wikipedia.org/wiki/Cryptocurrency:
A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems.
A cryptocurrency is a medium of exchange like normal currencies such as USD, but designed for the purpose of exchanging digital information. Cryptocurrency is defined by Investopedia.com as a decentralized “digital or virtual currency that uses cryptography for security” making it difficult to counterfeit.
Bitcoin is a type of cryptocurrency and there are various kinds of altcoins (alternatives to bitcoins):
They have something called "blockchain" which is tied to cryptocurrency:
Blockchain is a system in which a record of transactions made in bitcoin or another cryptocurrency are maintained across several computers that are linked in a peer-to-peer network.
Cryptocurrency to me seems a bit gimmicky. There seems like there is some secrecy involved. I am wondering how people earn actual physical money using cryptocurrency.
Is anyone here involved with cryptocurrency? Is it worth the hype, time and investment?
Please help- thank you.