What is cryptocurrency and how do you make money off of it? Here’s everything to know about crypto



 October 24, 2021 @ 11:15 AM Have a tip for the newsroom, press release, local event listing or digital content to share? Send it here. Support our mission by visiting patreon.com/fl1 and becoming a monthly subscriber.Cryptocurrency is something everyone talks about but some people don’t know a lot about it because it’s relatively new.So how are all these random people making money from it?Here are the basic things you need to know about cryptocurrencyWhat is it? Crypto is currency, but it’s entirely digital. The money isn’t tracked or tied to banks, governments, etc. The currency can be used entirely with no identity or credit for loans or to buy or sell anything. Crypto first appeared for people to use on the dark web to make illegal purchases, and now its popularity has made it less used there.Bitcoin and Dogecoin are two of the most popular cryptocurrencies out there right now. They quickly went from being worth pennies to dollars.People have become so rich so fast because in 2010 Bitcoin was worth pennies and today can go for $60,000 per coin.The simplest way to get into cryptocurrency is to do it through an exchange, similar to how people buy stocks.Related: Six things to know about the Shiba Inu coin cryptocurrencyThe exchanges can be used right from a smartphone and help people to buy, sell, and hold their cryptocurrency.Robinhood and Coinbase are both exchanges that handle cryptocurrency.There are also separate wallet apps that can be downloaded and used to store crypto. Want the latest headlines in your inbox each morning? Click here to sign up for our Morning Edition newsletter to get caught up in 60 seconds. You can also download the FingerLakes1.com App for Android (All Android Devices) or iOS (iPhone, iPad)



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