What Is Cryptocurrency? (Infographic)

Updated on August 31, 2020
Advertiser Disclosure
blockchain explained

The invention of bitcoin started the phenomenon of cryptocurrency, and many other digital currencies have since emerged on the market. As cryptocurrency continues to become more mainstream, more and more companies are accepting it as a legitimate form of payment and are thinking long and hard about how digital currency will affect their business now and in the future.

While some people are still perplexed by what cryptocurrency is and why it matters, digital currency continues to prove increasingly relevant. Banks, governments, countries, and individuals are starting to understand the value of this relatively new form of currency and are investing in it rapidly. Today, the combined market capitalization of all digital currencies is estimated to be as high as $370 million.

Despite its rise in popularity, many people still find themselves dumbfounded by cryptocurrency. To understand where virtual currency is headed, it’s important to understand the fundamentals of this medium of exchange, and the pros and cons of using it.

Check out this infographic below for everything you need to know about what cryptocurrency is and how to use it.

Sources: BitDegree | NPR | Entrepreneur | Business InsiderFossbytes | ForbesBlockgeeks | CNBC | Coindesk | Bitcoin Market Journal

Want to learn more about cryptocurrency? Check out this great infographic and more at Blockbid.

Meredith Wood
GM, New Markets at NerdWallet

Meredith Wood

Meredith Wood is the founding editor of the Fundera Ledger and a GM at NerdWallet.

Meredith launched the Fundera Ledger in 2014. She has specialized in financial advice for small business owners for almost a decade. Meredith is frequently sought out for her expertise in small business lending and financial management.

Read Full Author Bio