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What is cryptocurrency?


Pat Harrison
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Cryptocurrency refers to encrypted digital currencies, such as Bitcoin or Ethereum, that have gained widespread acceptance among consumers as a means of payment for goods and services worldwide and are becoming increasingly popular with investors who view them as long-term investments. Cryptocurrencies have been around since 1998, but Bitcoin was the first decentralized cryptocurrency to gain popularity in 2009.

Today, there are more than 1,000 cryptocurrencies in circulation with an estimated market value of roughly $200 billion USD. However, the market capitalization fluctuates wildly depending on what's going on with individual coins or tokens at any given time.

There are two basic types of cryptocurrencies: token-based (sometimes called "app coins") and utility tokens/coins/tokens that provide access.

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