What Is Cryptocurrency? Internet Money, Virtual Currency, or a Commodity?

Is Bitcoin considered a form of internet money, a virtual currency, or a commodity? The answer is that in can be all three. There are about a thousand cryptocurrencies in the world, but the most famous is Bitcoin. Recently, attention to Bitcoin has increased in the world due to the rapid growth of their prices.

“This is a new type of asset that is different from our usual money or other financial assets. It differs from money in that you own the currency directly and for this, you don’t need a bank or some licensing authority. It is stored in a personal electronic wallet,” explains an expert.

A unit of cryptocurrency is a code that is born as a result of complex computer mathematical calculations. To trade as a professional use the biticodes trading soft.

What Can You Buy With Cryptocurrency?

If you find a seller who will accept cryptocurrency, then you can buy anything. There are enough retail outlets, restaurants, cafes, and other establishments that accept the same bitcoins for payment. Gradually, other cryptocurrencies are also being used in this way as well. If someone wants to spend their cryptocurrency, you can find a list of places that accept it on the Internet.

“Another matter is that, given the growth of the cryptocurrency exchange rate, it is not entirely profitable to spend it now, it is profitable to buy and hold it,” the marketing director of the Bitcoin agency is convinced.

How Much Is 1 Bitcoin Worth?

Today, bitcoin is worth about 16,552 dollars for 1 virtual coin. And the price is formed depending on the demand. If a lot of people want to buy it, then the price goes up, if more people want to sell it, then the price drops a little.

Traders successfully make money precisely on these price fluctuations. That is, it is a game on the cryptocurrency exchange. Legal trading can be done with dex.ag.

There is a risk that you will buy a cryptocurrency at one price and it will fall. You need to be ready for this, and be careful not invest more than you are afraid to lose.

You Can’t Make Money, but How Can You Extract It?

It is possible to find an employer that pays in cryptocurrency, but most likely it will be possible to do this only with a foreign partner in the IT field. A company like Immediate Momentum can help you with converting fiat to crypto and back.

Legal Entities, in Principle, Cannot Officially Use Cryptocurrency Now, Including Wages

The extraction of cryptocurrency is called “mining”. It takes place with the help of special computer equipment. You also need a special program that allows you to choose what you will “mine” and where. All this needs to be configured and studied, and for this, there are special forums.

“Mining” is the basis of network activity. “Miners” calculate the same blocks that are included in the same bitcoin transaction. Without it, the process is impossible. “Miners” receive a reward for finding these blocks, plus they also receive commissions for transactions that they credit to the block,” the specialist explains.

To earn on cryptocurrency, it is not necessary to invest large amounts, but it increases earnings and probability.

Bitcoin is now very difficult to mine because the equipment for mining bitcoin is highly specialized and expensive. Ordinary users successfully mine other cryptocurrencies for ordinary video cards of home computers or build farms in which only a few cards can be placed.