Cryptocurrencies are decentralized virtual currency and encrypted for security. These can be transferred between parties. The difference about this currency than traditional currency is that, these aren’t tangible and it only exists electronically.
It is more of a digital asset that is in existence as data.
It allows an entity to send money much like when you’re sending a mail. The fees and transaction times are significantly lower and faster. In comparison when you do it conventionally with banks or other money remittance services, you’d have to undergo several verification processes. Not to mention, the fees associated with their service.
Nothing but Transparency
Process for joint bookkeeping is referred as Blockchain. It’s public and it’s distributed across computer networks.
Example: Everybody with Bitcoin will get a copy of a ledger as well as the transactions where it was used. Therefore, it creates transparency within the community. Every crypto is identifiable and at the same time, programmable according to its code.
Everything that You Need
The original way of trading cryptocurrencies is to set up your wallet, buy Bitcoins using your real money and then, start doing the exchange on a trusted Cryptocurrency exchange website. This is the part where you have to do further research on how the trading has to be done and whatnot.