A cryptocurrency is a digital asset designed as a medium of exchange. It uses cryptography to secure transactions as well as to control the creation of additional currency units. Cryptocurrencies are digital currencies, a subset of alternative currencies. The most popular cryptocurrency is bitcoin, and since it was invented the various new cryptocurrencies that have been created are frequently called altcoins, as shorthand for bitcoin alternative.

Bitcoin has successfully positioned itself as another business opportunity for forex and other traders. As discussed earlier, buying and selling bitcoins is an easy, fast and cheap process. Before setting up your bitcoin account, you should be familiar with the status of bitcoin in your country, as well as any other applicable legal regulations and requirements. Bitcoin’s legal status varies significantly from country to country, and in many cases is still undefined or in flux.

Some countries that have managed to come to terms with bitcoin have gone one step further and introduced bitcoin ATMs: internet machines that look similar to regular cash ATMs and allow people to exchange bitcoins and cash. These machines can be used to purchase bitcoins or to change them back into cash. You can even set up your own bitcoin ATM if local regulations allow.