What is cryptocurrency?
Cryptocurrency is just like a digital form of cash. You can use it to pay friends for your share of the bar tab buy that new pair of socks you've been eyeing up or book flights and hotels for your next holiday. Because cryptocurrency is digital it can also be sent to friends and family anywhere in the world.
Aren't online payment gateways just like PayPal or bank transfers?
Well not really. They're way more interesting! You see traditional online payment gateways are owned and operated by organizations. You need to ask them to transfer money on your behalf when you want to spend it.
Cryptocurrencies don't have a central organization. You can act as your own bank by running free software on your computer. This means that you communicate directly with other people’s computers – no middlemen required!
With cryptocurrencies there is no central authority. You can act as your own banker by running free software. Your computer can connect with other people’s computers meaning you communicate directly – no middlemen required!