Digital currency aka Cryptocurrency is the 100% online version of cash. Cash according to Investopedia is
“Cash is legal tender—currency or coins—that can be used to exchange goods, debt, or services. Sometimes it also includes the value of assets that can be easily converted into cash immediately, as reported by a company.”
What is digital currency?
The way cryptocurrency differs is that there is really no physical item that can be exchanged such as coins, notes or shells like back in the day.
How is it different to cash?
Because crypto is 100% online, transactions are instant. Two clients from any parts of the world who are connected to the public internet can trade their currency for anything else of value.
Which currencies are better than others?
Just like currencies of the world like the US Dollar, English Pound and Chinese Yuan – different digital currencies are more valuable than others. What affects their price varies between it’s popularity, its availability, it’s technical limitations and abilities and it’s scarcity.
Which one should I buy?
Depending on your personal financial situation, the best time to buy digital currency is always now – unless you can’t afford to lose the money you deposit. What I mean by that it’s cryptocurrency is highly volatile. So your $50 cash may rise to $400 in 1 week and back down to $25 in the following week. True story.
Which marketplace / exchange should I use?
I personally use Coinspot in Australia and recommend it to all my family, friends and clients. If you use the link below, I will also receive a kick-back.
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