TECH 101 Buzz Words: Cryptocurrency
Basic Understanding
Cryptocurrencies are increasingly popular digital currencies and an alternative for online payments. To use cryptocurrencies, one needs to have a crypto wallet. This wallet can be a software that is a cloud-based service or stored on a computer or mobile device. A wallet is also a tool through which encryption keys are stored to confirm your identity.
Why is it important?
Cryptocurrencies make it easier to transfer funds directly between two parties, without the need for the involvement of a trusted third party like a bank or a credit card company. These transfers are instead secured through the use of public keys and private keys.
Fund transfers are completed with minimal processing fees, allowing users to avoid the high charges by banks and financial institutions for wire transfers.
Fund transfers are completed with minimal processing fees, allowing users to avoid the high charges by banks and financial institutions for wire transfers.
