What is Cryptocurrency? | Cryptocurrency Explained



What is Cryptocurrency? | Cryptocurrency Explained

You've heard the term, but in this video, Titan's Emily Cherkassky explains cryptocurrency--what it is and how you can get started investing in it.

Video Transcript

Cryptocurrencies are a type of decentralized digital asset intended to be used over the web. People can transfer, swap, invest and speculate in the crypto market, among other use cases. So what do we mean when we say cryptocurrencies are decentralized? Well, rather than being issued or controlled by a single central entity like a bank or a government, Cryptocurrencies are typically managed by peer to peer networks of computers running free, open source technology. This decentralized blockchain generally allows anyone who wants to participate without a single party in control. Those who are bullish on the crypto market believe that it's the future of money where power is in the hands of users and transactions are completely transparent.

Others merely view crypto as a means to make a lot of money by buying and selling short term. Some pros of crypto are its decentralization, anonymity, and potential investment opportunities. On the flip side, the lack of oversight means that those involved in crypto may be more vulnerable to hackers or scams. And investments can be really volatile. In addition to enabling payments and investment opportunities, new uses for cryptos in blockchain technology are constantly being explored, such as non-fungible tokens or NFT's and decentralized finance or DeFi projects. There's a lot to learn about crypto, so poke around at our articles and watch our other crypto videos to go down the rabbit hole. 

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