What Is Cryptocurrency?

Our basic guide to cryptocurrency

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Here you will find websites that explain what cryptocurrency is and often include helpful guides, links, and videos

Here you will find websites that explain what cryptocurrency is and often include helpful guides, links, and videos

What is cryptocurrency and bitcoin?

Cryptocurrency (simplified) is digital money that is held in a digital wallet. It is a form of digital (online) currency that can be sent between two parties (no middleman) and spent on goods and services or speculated upon. There are over 10,000 different digital coins and tokens and more are created every day. The most famous of all digital currencies is Bitcoin!

Cryptocurrency popularity

Bitcoin has been around since 2009, but initially, it sold for very little. In July 2010, a single Bitcoin went from $0.0008 to $0.08 for a single coin. Fast forward to late 2017 and one bitcoin nearly reached the price of $20,000 each.

The 2017 and early 2018 bitcoin mania didn’t last long, but it certainly helped put the concept of digital money on the map.

In late 2021 bitcoin reached $66,000 per coin!

Altcoins became well known during the 2017 mania period too. Most investors know about Ethereum, Litecoin, Ripple, and most of the top 20 coins.

Why is Bitcoin and a select number of altcoins popular as a form of money?



Cryptocurrency transactions are fast and with certain altcoins literally instant! You can send some cryptocurrency tokens in less than a few seconds to any mobile phone anywhere in the world. Get paid in seconds.



Once you have sent a bitcoin payment and it has been received you can not reverse that payment later on like you can with some wire transfers or credit card payments. This helps e-commerce stores.



All cryptocurrencies run on a blockchain. Short of a quantum computer, it is impossible to hack bitcoin. The nature of the blockchain is to be decentralized and so make it impossible to hack one central point.



No entity owns Bitcoin and this makes it impossible to close it down. There is no owner or company.


Dark or privacy coins

There are a few cryptocurrency coins and tokens that are much more anonymous than Bitcoin and these are much harder to track and trace.



All you need is a digital wallet and cryptocurrency can be sent to any mobile phone anywhere in the world.


Tax avoidance

There is also the added advantage of being able to swap your cryptocurrency for another asset and thereby avoiding tax. Although we strongly suggest not going down this road.



Ex-president Obama once said in 2017 “Bitcoin is like having a Swiss bank account in your pocket.” Although it is possible to find a wallet’s address and see the activity in that wallet, it is very hard to find out the ownership of that wallet.



The fees are very low and in some instances nearly free to transfer millions and even billions of digital currency across the world.

Transferable and spendable

It was quite common during 2017 and 2018 to hear the average person remark that bitcoin or altcoins was not real money and you can’t buy anything with it. This is erroneous. There are tens of thousands of ATM cash points worldwide that allow you to convert cryptocurrency directly into cash and take it from a cash machine. View our crypto shopping section to see what you can buy using cryptocurrency.
There are shops in the United States of America and London for example that allow a person to walk into a Bentley, Ferrari, and Rolls Royce showroom and buy a car with bitcoin or Ethereum.

There are property websites where you can swap your cryptocurrency for a penthouse or mansion overlooking the sea. You can even buy physical gold and silver bars with cryptocurrency.

This website is dedicated to listing businesses that offer goods and services for payment in cryptocurrency and bitcoin. The owner Jonathan Titley bought the spendingcrypto domain name in 2018 after he decided to create a website to show how spendable cryptocurrency really is!

Understanding Bitcoins and Altcoin spot prices

The Bitcoin price is based on the cost of one entire Bitcoin, similar to the purchasing of one AAPL stock share.

However, unlike many traditional markets, you can buy and sell fractional amounts of Bitcoin. For example, if the Bitcoin spot price is $50,000, you can buy 0.1 Bitcoin for $5,000. It is also possible to buy far more or less fractional amounts.



There are many Bitcoin exchanges and the spot price can differ between each exchange, especially with Altcoins.

Some traders make a very good living from literally trading the spot price differences daily between the different exchanges. Simply put, if the market price between two exchanges diverges enough, an opportunity presents itself, where Bitcoin and some Altcoins can be bought on one exchange for a lower price and then subsequently sold on another exchange for a profit.

This is the main mechanism that keeps prices on various exchanges in line with one another.



The Bitcoin and altcoin price movements are often the topic of conversation for investors and rightly so. With such large price swings, many savvy investors are making a serious amount of money. Imagine being a swing trader in the crypto market right now.

This type of trading is not for the faint-hearted and so we advocate caution if you are looking at swing trading.

The websites below are well worth visiting to learn more about Cryptocurrencies


One of the best sites to learn about crypto, earn crypto, and get crypto certified. Join and upgrade your skills and build a new career.

Enter the website and go to the Guides tab at the top of the site. Inside Guides, you will find everything you need to learn about Bitcoin, Ethereum, Blockchain, and Crypto. They also have a section called Courses where you can increase your skill base and earn qualifications.


A go-to site for internet information with external links to other sites. They cover what is Bitcoin, Altcoins, Blockchains, Mining, Wallets, Regulations, and more.


A very well known Crypto news and information site.


One of the best go-to websites for learning about investing.