Let us now make a summary of the important things we’ve learned in this module:
- Cryptocurrencies are digital currencies created using Blockchain technology.
- They were first introduced in 2009.
- Bitcoin is the most popular cryptocurrency.
- Cryptocurrencies can be bought, sold, stored and used as a medium of exchange.
- They are decentralized and free from any government control.
- Cryptocurrencies are volatile.
- Cryptocurrencies are an alternative form of investment and are not easily affected by economic and political instabilities.
- Cryptocurrencies can be bought and sold through crypto exchanges such as Coinbase.
- While dealing in cryptocurrencies, be aware of hackers or scammers.
- Investment in cryptocurrencies should be made only after gaining sufficient knowledge about the products. Due to the inherently volatile nature of the market, it is possible to lose a considerable amount of money in a short time. Hence, one should participate in the market only after learning the risks of getting into it.