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Intelligent Cryptocurrency

What Is Cryptocurrency? Here’s What You Should Know

Cryptocurrencies let you buy goods and services, or trade them for profit. Here's more about what cryptocurrency is, how to buy it and how to protect yourself.

Intelligent Cryptocurrency february 10, 2021

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A cryptocurrency (or “crypto”) is a digital currency that can be used to buy goods and services, but uses an online ledger with strong cryptography to secure online transactions. Much of the interest in these unregulated currencies is to trade for profit, with speculators at times driving prices skyward.

Here are seven things to ask about cryptocurrency, and what to watch out for.

In this article:

1. What is cryptocurrency? 2. How many cryptocurrencies are there? What are they worth? 3. Why are cryptocurrencies so popular? 4. Are cryptocurrencies a good investment? 5. How do I buy cryptocurrency? 6. Are cryptocurrencies legal? 7. How can I protect myself?

1. What is cryptocurrency?

Cryptocurrency is a form of payment that can be exchanged online for goods and services. Many companies have issued their own currencies, often called tokens, and these can be traded specifically for the good or service that the company provides. Think of them as you would arcade tokens or casino chips. You’ll need to exchange real currency for the cryptocurrency to access the good or service.

Cryptocurrencies work using a technology called blockchain. Blockchain is a decentralized technology spread across many computers that manages and records transactions. Part of the appeal of this technology is its security.

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2. How many cryptocurrencies are there? What are they worth?

More than 6,700 different cryptocurrencies are traded publicly, according to CoinMarketCap.com, a market research website. And cryptocurrencies continue to proliferate, raising money through initial coin offerings, or ICOs. The total value of all cryptocurrencies on Jan. 27, 2021, was more than $897.3 billion, according to CoinMarketCap, and the total value of all bitcoins, the most popular digital currency, was pegged at about $563.8 billion. (You can check the current price to buy Bitcoin here.)

Best cryptocurrencies by market capitalization

These are the 10 largest trading cryptocurrencies by market capitalization as tracked by CoinMarketCap, a cryptocurrency data and analytics provider.

Cryptocurrency

Market Capitalization

Bitcoin

$563.8 billion

Ethereum

$142.9 billion

Tether

$25.2 billion

Polkadot

$13.9 billion

XRP

$11.4 billion

Cardano

$9.7 billion

Chainlink

$8.3 billion

Litecoin

$8.1 billion

Bitcoin Cash

$7 billion

Binance Coin

$6.2 billion

Data current as of Jan. 27, 2021.

» Learn more: How to invest in Bitcoin

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3. Why are cryptocurrencies so popular?

Cryptocurrencies appeal to their supporters for a variety of reasons. Here are some of the most popular:

Supporters see cryptocurrencies such as Bitcoin as the currency of the future and are racing to buy them now, presumably before they become more valuable

Some supporters like the fact that cryptocurrency removes central banks from managing the money supply, since over time these banks tend to reduce the value of money via inflation

Other supporters like the technology behind cryptocurrencies, the blockchain, because it’s a decentralized processing and recording system and can be more secure than traditional payment systems

Some speculators like cryptocurrencies because they’re going up in value and have no interest in the currencies’ long-term acceptance as a way to move money.

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