What Is Cryptocurrency? - Sean
A cryptocurrency is a new form of currency that is currently being used as a digital form of payment. Bitcoin was the first cryptocurrency started back in 2008. When bitcoin was first available for purchase, no one knew exactly what it was or what it was that they were buying. In order for anyone to purchased cryptocurrency, they would need something called a digital wallet. A digital wallet is used to store cryptocurrency in a safe place and the wallet function is to be able to transcribe the digital currency value into USD. In today's market, there is about five to six different networks of crypto and within that network, there are about a couple of thousands of tokens that any investor can purchase, one of them including the Mandox token. The main point for the investors to purchase these tokens is to believe in the project run by the developer's team and for profit. In today's world, cryptocurrency is currently being taken over with multiple utilities for the token, some of these utilities include, being able to use cryptocurrency as a form of payment to pay for a real-life item where visa and credit card are accepted. Another utility for the token is being able to use the token and stake it at exchanges for an APR ratio amount of investment. And finally, investors holding reflection tokens like Mandox in their digital wallet for the long run are accruing tokens and these are called reflections. Depending on what crypto project you buy in, these tokens give reflections, which is another fancy word for passive income. When holders have these tokens in their wallet, anytime there is a transaction the holder of that token gets a certain amount of tokens transferred to their digital wallet according to how many tokens they own, which later the holder can sell the reflections for needed funds to use on whatever they are pleased without having to sell the original amount that they bought in with.