Frequently Asked Questions
What is cryptocurrency?
Cryptocurrencies are digital assets maintained by decentralised systems using cryptography instead of being issued and controlled by a central authority. Cryptoassets exist virtually and are stored within digital wallets on a distributed public ledger called blockchain which houses a record of all transactions, assets and holders updating in realtime. The ecosystem of many leading cryptocurrencies is that of decentalisation ensuring that control and trust is disributed amongst participants and is not centred with any single or specific entity.
What is blockchain?
In simple terms blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack or cheat the system. The digital ledger holds a record of all transactions that have come before and automatically update across the entire network of computers when new transactions have been verified.
What are public and private keys?
The public key which is also commonly referred to as a wallet address, is publically visible to all participants on the given blockchain network. The private key on the other hand should be kept secret at all times as it give the user the authority to sending transactions and control the wallet it is assiated to.
What is cryptocurrency becoming more popular?
There are many reasons why the popularity and adoption of cryptocurrencies has been growing at the fastest ever rates. As a new and exciting industry and technology, many people see the decentralised and trustless nature of cryptocurrencies as the future of finance, transcations and as investment vehicles allowing them to own and control the underlying asset. Cryptocurrencies remove the need for banks and other financial institutions and intermediaries increasing the speed and ease of use of transactions as well as providing other significant benefits and decreases the overall cost for the user. As more and more people learn about crypto and the benefits decentralised systems and blockchain technology has to offer, the more people continue to buy, hold and accept crypto.