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What is crypto or cryptocurrency?
A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation
Is paypal a cryptocurrency?
No, PayPal was created many years ago before Cryptocurrency arrived in the financial world. They charge fees for transferring the funds between parties, vendor/buyer.
Is crypto a good investment?
Investing in cryptocurrency could be a good investment, or it could not. That is true for cryptocurrency in general and likely for you as a person as well. ... Each option has its pros and cons, but notably, only an exchange-broker like Krypto allows one to trade and invest directly in cryptocurrency.
How Secure Is cryptocurrency?
Cryptocurrencies are usually built using blockchain technology. Blockchain describes the way transactions are recorded into "blocks" and time stamped. Its a fairly complex, technical process, but the result is a digital ledger of cryptocurrency transactions that is hard for hackers to tamper with. In addition, transactions require a two-factor authentication process. For instance, you might be asked to enter a username and password to start a transaction. Then, you might have to enter an authentication code that is sent via text to your personal cell phone.
Is crypto dangerous?
Investments are always risky, but some experts say cryptocurrency is one of the riskier investment choices out there, according to Consumer Reports. However, digital currencies are also some of the hottest commodities. Earlier this year, CNBC forecasted that the cryptocurrency market is expected to reach a value of $1 trillion by the end of 2018.
Is crypto a pyramid scheme?
NO. Crypto is not a pyramid scheme. It is not organized by a sketchy company, pushing high pressure sales tactics. It is not peddling some inferior consumer goods, with abundant supply, where compensation is directly tied to recruiting new members to the scheme. Cryptocurrency is the money and its supply is finitely scarce.
How does Cryptocurrency make money?
Many Blockchain companies issue their token, or the management holds a large amount of cryptocurrency like Ethereum. Once the value increases, the companies sell the token to the speculators.
Is cryptocurrency high risk?
The risks of trading cryptocurrencies are mainly related to its volatility. They are high-risk and speculative, and it is important that you understand the risks before you start trading. They are volatile: unexpected changes in market sentiment can lead to sharp and sudden moves in price.
How does a cryptocurrency work?
Cryptocurrencies are exchanged from person to person on the web without a middleman, like a bank or government. It’s like the wild, wild west of the digital world. There’s no marshal to uphold the law. Here’s what I mean: Have you ever hired a kid in your neighborhood to mow your lawn or watch your dog while you were out of town? Chances are, you paid them in cash. You didn’t need to go to the bank to make a formal transaction. That’s what it’s like to exchange cryptocurrencies. They are decentralized: No government or bank controls how they’re produced, what their value is, or how they’re exchanged.
What is blockchain?
Blockchain is a specific type of database. It differs from a typical database in the way it stores information; blockchains store data in blocks that are then chained together. As new data comes in it is entered into a fresh block. Once the block is filled with data it is chained onto the previous block, which makes the data chained together in chronological order. Different types of information can be stored on a blockchain but the most common use so far has been as a ledger for transactions. In Bitcoin’s case, blockchain is used in a decentralized way so that no single person or group has control—rather, all users collectively retain control. Decentralized blockchains are immutable, which means that the data entered is irreversible. For Bitcoin, this means that transactions are permanently recorded and viewable to anyone.