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Empowering Traders with Expert Education > Blog > Crypto > What is Cryptocurrency & Bitcoin?

What is Cryptocurrency & Bitcoin?

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Cryptocurrency is a decentralized digital currency. Many people use it all around the world.  There are many cryptocurrencies, and they adhere to decentralized governance and control as opposed to official currencies. Central banking authorities or banking systems can centralize the currencies. Cryptocurrency operates through distributed ledger technology, known as blockchain. And Bitcoin is the first cryptocurrency. Starting in 2008, BTC gained more and more attention from investors and became very popular. Following the steps of Bitcoin, there are many other cryptocurrencies, including Tether and Ethereum today.

According to our latest research, there are now more than 16,000 cryptocurrencies. The value of each of these currencies varies. However, the market capitalization of Bitcoin is almost $1,000 billion, as it is by far the largest cryptocurrency. The market capitalization of the second largest cryptocurrency is Ethereum and it is nearly $364 billion. Considering all cryptocurrencies, it is really difficult to estimate the total market size of all of them, since, unlike the public equities markets, there is no official data source. Some estimates of the total size of the cryptocurrency markets place it around $2 trillion. In addition to facilitating the transfer of value, each cryptocurrency may have different technical features.

Bitcoin can be purchased through a broker or exchange, such as Venn Prime Securities. To purchase cryptocurrency, the person must open a real account, deposit cash into that account following the verification process, and place a purchase order to conclude the purchase. If the person is seeking exposure to cryptocurrency, he or she can also purchase an ETF [exchange-traded fund], buy a cryptocurrency-focused mutual fund, or own the stock of a company that focuses on cryptocurrency.

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