What are cryptocurrencies?

They are decentralized and virtual currencies. This means that no coins are minted or banknotes printed by the central bank of any country, so they are not exposed to political decisions or conflicts. Their value is essentially governed by supply and demand.

They are also very secure in terms of possible fraud: they are composed of encrypted and interrelated algorithmic blocks that use Blockchain technology to do so.

In addition to security, the Blockchain has another very interesting option for cryptocurrency investors. Unlike conventional money, users themselves can legally produce their own money. This process is called mining and is executed while any computer has free processes using the corresponding software.

You have surely already heard of Bitcoins. It is probably the best known of the existing cryptocurrencies, but it is far from being the only one.

There is a real boom around cryptocurrencies. This has led to the emergence of alternatives to Bitcoin such as Ethereum, Ripple, Litecoin...

We have already said that for many users they are an investment as they represent a relatively safe value with significant growth. What happens is that, if you want to use it as a means of payment, it must be exchanged for a standard currency, such as euros or dollars.

Although it is not the most common, some businesses have made room for Bitcoin in eCommerce, allowing payment with this cryptocurrency. Also in equally novel markets such as NFTs, which, in fact, do not support any other type of currency in most of the platforms that market them.