Cryptocurrencies have been in the headlines for the past few years. However, if you are interested in buying or selling cryptocurrencies, you need to know some basics about how to buy cryptocurrency Singapore. This blog post has information on what a cryptocurrency is and how it can be transferred from one person to another.
What is cryptocurrency?
A cryptocurrency is a digital currency that can be used to purchase goods and services. Cryptocurrencies are not tied to any country or subject to regulation, making their value difficult for central banks such as the Federal Reserve (the U.S.’s central bank) to control.
Types of crypto:
Bitcoin (BTC) was designed to eliminate third-party intermediaries such as banks and other financial institutions from making transactions.
Ethereum (ETH) – this cryptocurrency was designed as an open-source, public blockchain platform that uses smart contracts and allows developers to build and deploy decentralized applications within it.
Litecoin (LTC) – this cryptocurrency was created faster than Bitcoin and had more tokens.
Ripple (XRP) – this cryptocurrency was designed to move large amounts of money with low transaction fees quickly.
Cryptocurrencies can be transferred using peer-to-peer software or exchanges within a blockchain network. The buyer sends an amount in crypto equivalent to what they want to purchase, and the seller sends an amount equal to what they want in return.