Cryptocurrencies are one of the most popular digital assets to date. In this article, discover what they are and understand the terms that help define them.

Statistics in 2023 show that there there are around 420 million cryptocurrency owners around the world—with roughly 7 million of them coming from the Philippines. Given these numbers, the country is now included among the top countries in terms of crypto adoption. In fact, it was in 2022 that the country ranked next to Vietnam.

Moreover, according to CoinMarketCap, there are approximately 23,000 cryptocurrencies, which proves that the digital asset has gone a long way since it first came to be. Though there are many crypto assets and owners worldwide, it appears that over 60% of people actually don’t understand it at all

Despite the fact that there are thousands of crypto assets in the market, some people tie the word cryptocurrency to Bitcoin, the most valuable and most popular crypto, when in fact, Bitcoin is just a form of cryptocurrency but is not synonymous with it. 

For those who are confused about what cryptocurrency means and what's it all about, here is a beginner-friendly guide that will have you understand it better before you plan to invest in it. 

What are Cryptocurrencies? 

CoinTelegraph defines cryptocurrency as a digital currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions, as well as to control the creation of new units of a particular digital currency. 

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