A Brief Overview of Cryptocurrency

Caroline Egan

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6 min read

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Sep 27, 2021

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When you do not know what cryptocurrency actually is, it sounds like quite an abstract, intangible concept.

However, cryptocurrency is simply a digital version of our regular ‘fiat’ physical currency, which operates as a store of value and aims to be used for buying and selling products and services. You may not be able to hold cryptos in your hand, but they aim to mirror the functions of the more traditional money that we currently use. However, at the moment, cryptocurrencies are still in their infancy and have not been completely accepted as a payment method.

Although they are gradually being adopted by various companies, they are currently used more as an investment than anything else. These coins are essentially ‘minted’ like regular coins, but instead of being created in a factory, they are made by people who work on the network looking after transactions by a process known as mining. These miners are rewarded in coins…