Metapedia - [ 3Crypto Series ]
June 1, 2022

Explaining cryptocurrency in 3 minutes!

A cryptocurrency is a medium of exchange, which can also be called "encrypted currency", "digital currency" or "virtual currency". Unlike fiat money, a government-issued currency such as the Hong Kong Dollar and U.S. Dollar, a cryptocurrency operates without government or central bank oversight. Instead, it is built on blockchain technology, secured and made unique by cryptography, and uses blockchain as a means to record a ledger of transactions.

Types of Cryptocurrency
Generally, there are two major types of cryptocurrency. One can be exchanged for other fiat currencies like the U.S. dollar, Euro and Hong Kong Dollar, while the other can be exchanged for another cryptocurrency, which crypto holders can take one of two positions – short or long.

While we have only scratched the surface of cryptocurrency in this feature, there is no doubt that the entire financial world is ushering in a new era with its emergence. Governments across the globe, as well as traditional financial institutions, are showing great interest in it, and some are keen to broaden crypto adoption. With its constantly changing landscape and new tokens coming in every day, this mysterious yet fun market is certainly attracting many people.
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