VANCOUVER — Cryptocurrency is a digital currency with no physical form or intrinsic value, but is an increasingly hot commodity as Bitcoin, its most well-known iteration, flirts with a record high.
Bitcoin, the self-proclaimed original decentralized digital currency, is hovering around US$8,000 as investors pour into alternative currencies.
Many other types of cryptocurrencies exist, including Monero and Litecoin. These digital currencies are decentralized, meaning there is no third-party authority like a bank that oversees activity, and transactions happen directly between two individuals. This offers some benefits, such as lower fees and global use.
Cryptocurrencies rely on blockchain technology. The blockchain is a public ledger of the currency’s transactions.
Generally speaking, there are two ways to obtain cryptocurrencies: A person can purchase units on an exchange, or they can participate in cryptocurrency mining.
Miners secure cryptocurrency networks. They receive new…