Cryptocurrency is something everyone talks about but some people don’t know a lot about it because it’s relatively new. Have a tip for the newsroom, press release, local event listing or digital content to share? Send it here. Support our mission by visiting patreon.com/fl1 and becoming a monthly subscriber.
Here are the basic things you need to know about cryptocurrency
So how are all these random people making money from it?
What is it? Crypto is currency, but it’s entirely digital. The money isn’t tracked or tied to banks, governments, etc. The currency can be used entirely with no identity or credit for loans or to buy or sell anything.
Crypto first appeared for people to use on the dark web to make illegal purchases, and now its popularity has made it less used there.
Bitcoin and Dogecoin are two of the most popular cryptocurrencies out there right now. They quickly went from being worth pennies to dollars.
People have become so rich so fast because in 2010 Bitcoin was worth pennies and today can go for $60,000 per coin.
Related: Six things to know about the Shiba Inu coin cryptocurrency
The simplest way to get into cryptocurrency is to do it through an exchange, similar to how people buy stocks.
The exchanges can be used right from a smartphone and help people to buy, sell, and hold their cryptocurrency.
Robinhood and Coinbase are both exchanges that handle cryptocurrency.
There are also separate wallet apps that can be downloaded and used to store crypto.
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