A cryptocurrency or, ‘crypto’ is a digital or virtual currency or asset.
They don’t exist physically, like a dollar bill or bar of gold.
There are over 2000 cryptocurrencies in use today according to Coin Market Cap, the most popular being Bitcoin and Ethereum.
Users can convert cryptocurrency into USD and vice-versa.
Cryptocurrencies are based on blockchain technology, sometimes referred to as Distributed Ledger Technology.
Blockchain is, simply put, a decentralized virtual ledger validated by a network of different computers.
When crypto is exchanged between parties, a block of information is recorded in a publicly viewable record of all transactions.
The history of the transaction is unalterable and transparent.
Crypto transfers are authenticated and encrypted by cryptographic systems, which enables secure online payments without the use of third-party intermediaries.
This process makes it near impossible to fake or double-spend payments.
Most cryptocurrencies use smart contracts, which automate the execution of an agreement so that both purchaser and seller can be sure of the outcome, without the need for a financial institution.
"Crypto Rich Targeting Luxury Real Estate" article from the National Association of REALTORS®
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