Creating, purchasing, or investing in cryptocurrency can seem cryptic at first glance. It requires you to learn a new language, new platforms, and new methods of investment and transactions to get started–and hopefully, be successful.
But doing so is also exciting – cryptocurrency is a fast-growing financial landscape and is evolving daily. Investopedia estimates that as of November of 2021, there are more than 10,000 cryptocurrencies in existence. That said, before you jump to input your financial info, make sure you do your research–not all cryptocurrencies or blockchains are created equally.
First, it’s important to know a few essential definitions. Cryptocurrency is a digital, encrypted form of payment that can be exchanged online for goods or services. Some companies have their own cryptocurrencies, often called tokens, and can be traded specifically for the goods or services that the companies sell. It may be helpful to think of them as arcade tokens or casino chips – meaning you need to exchange real currency to access the good or service. Additionally, cryptocurrency is decentralized, meaning there is no central authority that manages or maintains the value of cryptocurrency.
Additionally, cryptocurrency can exist as a non-fungible token or NFT. An NFT is a digital asset that confers ownership of a virtual good, such as a piece of digital artwork or an online collectible. Well-known NFT’S that sold this year include The First Tweet and the Doge NFT. And cryptocurrencies–like Bitcoin–can be equally exchanged, NFT’s cannot.
Cryptocurrency and NFT’s are exchanged on a blockchain. according to Forbes, a blockchain “is an open, distributed ledger that records transactions in code. In practice, it’s a little like a checkbook that’s distributed across countless computers around the world. Transactions are recorded in “blocks” that are then linked together on a “chain” of previous cryptocurrency transactions.” Blockchains can be tracked by a multichain, which allows for the creation and tracking of assets at the blockchain network level.
To buy or invest in cryptocurrency, you’ll need a wallet or an online app to store your cryptocurrency. Not all wallets are the same – there are “hot” and “cold” wallets. Hot wallets are fully online, making them accessible, but also susceptible to hackers. Cold wallets store digital assets offline, making them secure, but less accessible.
These are the basics – however, CURɅTE offers a wealth of benefits when it comes to broadening your financial portfolio. For instance, CURɅTE is:
- Gasless, meaning there is no fee for the computing power required to complete transactions
- Carbon neutral
- Offers free minting, meaning there is no cost to create a cryptocurrency or list an NFT
- Offers access to multichain tracking
- Has 0% commission fees
- Offers the sale and exchange of physical goods