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What is cryptocurrency and how does it work?
By Sierra Fox
FOX 5’s Sierra Fox breaks down just how crypto currency works.
WASHINGTON - What is cryptocurrency? You may have heard the term a lot recently, but many of us still don’t know exactly what is.
Several types of cryptocurrency exist like bitcoin, dogecoin, and ethereum.
The best way to view cryptocurrency is as a commodity like gold. It has value and can be traded for other goods, but the catch with cryptocurrency is it can be done anonymously without having to rely on the government or banks.
It works like any other investment. A person is putting up their real money to buy shares of cryptocurrency to trade or sell them just like you would a stock to make a profit.