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What Is Cryptocurrency?
A cryptocurrency (or “crypto”) is a digital currency that can be used to buy goods and services, but uses an online ledger with strong cryptography to secure online transactions. Much of the interest in these unregulated currencies is to trade for profit, with speculators at times driving prices skyward.
A cryptocurrency is a form of payment that can be exchanged online for goods and services. Many companies have issued their own currencies, often called tokens, and these can be traded specifically for the good or service that the company provides. Think of them as you would arcade tokens or casino chips. You’ll need to exchange real currency for the cryptocurrency to access the good or service.
How many cryptocurrencies are there?
Rarely has there been a more clear-cut case of free-market economics than in blockchain cyberspace. For example, the decentralized finance (Defi) industry has grown to $80 billion in total value locked (TVL) during 2021 from next to nothing a few years ago, due in part to the absence of regulations. Moreover, that number is projected to increase to as much as $800 billion in 2022.
Ethereum is the blockchain of choice for developers to build decentralized applications (dApps), or apps that run on peer-to-peer networks instead of central servers. More than 2,845 dApps utilize Ethereum, ranging from social networks to online gaming to media outlets to decentralized exchanges (DEXs), where users can trade crypto assets. Ethereum dApp users generate almost $200 million — or $67 billion annualized — worth of transactions every day.
Users can easily buy Bitcoin and other cryptocurrencies using a wide range of payment options, including bank transfer, credit or debit card, and cash. There’s a payment option for everyone on Binance.
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Binance accepts a wide range of currencies and makes it easy for you to buy crypto using USD, EUR, CNY, AUD, INR, RUB, and other fiat currencies. You can also use a wide range of accepted stablecoins such as Binance USD (BUSD), Coinbase USD Coin (USDC), and Tether (USDT) to buy crypto.
Why are cryptocurrencies so popular?
Some supporters like the fact that cryptocurrency removes central banks from managing the money supply since over time these banks tend to reduce the value of money via inflation
Other supporters like the technology behind cryptocurrencies, the blockchain, because it’s a decentralized processing and recording system and can be more secure than traditional payment systems