Soon TransferGo customers will be able to buy or sell the likes of Bitcoin, Bitcoin Cash, Ether, XRP and Litecoin. We’re sure this new service will be in high demand. Make sure you’re one of the first to know when it’s here. Simply download our iOS app to register your interest and see the live prices feature now.
What is cryptocurrency?
Cryptocurrency, sometimes called virtual currency or digital money/cash, is not actual money such as dollars, pounds or euros. It’s totally digital, meaning it lives online and is not supported by any government. Instead cryptocurrencies live on databases with specific rules around how they are given to people. Importantly it’s not humans but math formulas that decide.
Popular cryptos are Bitcoin, Ether, XRP, and Litecoin, which will all be available with TransferGo. Think of them like tokens in an amusement park, or credits you might buy for an app or mobile game. They act just like money, and once you have them they can be used to exchange for goods or services.
What makes cryptos special is that they’re supported by a peer-to-peer network. This means that everyone with a crypto ‘token’, like Bitcoin, keeps a copy of all transactions. So when you give your friend ‘Sally’ a crypto, the network records that specific token and everyone is told of it having changed owners. You can’t therefore give your friend ‘Sally’ and ‘Jack’ the same token. Complicated but simple!
All cryptos are a little different, but all share the following:
- They can only go one way. After you send a crypto and the network has confirmed it, you can’t get it back, unless your friend sends you one back.
- There is no ID required. You’re mostly anonymous and all you need is a digital wallet.
- They’re fast and anyone globally can get them. Transactions are sent across the network and are confirmed in around 10 minutes.
- There is a limit to the number of crypto tokens. The supply limit is controlled by the network.
Investing in cryptos is a personal decision, with advantages and disadvantages which should be considered. If you’re thinking about investing in cryptos, you should consider your financial situation before doing so.