How do cryptocurrencies work?

Trying to wrap your head around cryptocurrencies? You aren’t alone.

The most basic definition of cryptocurrency is that it is digital money. It doesn’t exist in a tangible form, but instead only exists in the digital form. You’ve probably heard of the most popular type, Bitcoin. However, one of the most distinctive features of cryptocurrency is that it doesn’t require third-party (such as a bank) to complete a transaction. Instead, the transaction becomes part of a blockchain and that serves as a record that the transaction occurred.

The marketplace is still trying to make sense of cryptocurrencies and how it will fair in the long-run.

If you are considering utilizing cryptocurrency as part of your business, you should discuss this topic in more detail with an attorney who specializes in it. LawTrades would be happy to connect you with a seasoned cryptocurrency attorney that can help keep your blockchain business operating smoothly. Check out our website and please get in touch if we can help.

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[523.251,659.255,783.991]
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