What is digital currency?

So, what is digital currency? You may have heard about Bitcoin or Ethereum. These digital currencies are not regulated by any central bank service or government. They are digital and exist only in data format – you never hold them in your hand. These electronic currencies are becoming increasingly popular due to their high levels of security and instant transactions.

What do I do with it?

Use digital currency on various websites. Also use it in some stores to purchase goods and services. Most popular at the moment is Bitcoin, which you may have heard about in the news. Look online and you will find it hard to avoid.

These digital currencies are becoming popular with businesses and consumers because of their convenience for purchasing goods and with no central regulation of value they can be profitable or risky depending on the day you choose to get involved.

What’s a Bitcoin?

A bitcoin is a digital currency that is created and held digitally in a wallet. You can secure your ‘bitcoin wallet’ in a variety of ways, but mostly they are held in a wallet on your computer or even your phone.

How do I get Bitcoins?

Bitcoins can be gathered by a process called ‘mining’ – solving mathematical problems using your computer’s processor or GPU and earning bitcoins in exchange.

You can also receive bitcoins as payment from somebody else, or even buy them on an online exchange to trade or use as you see fit. Use them as you see fit. Use them in numerous ways. Some experts predict that such currency is the future of financial exchanges.

What other currencies are there?

Quite a lot actually. Aside from Bitcoin, there is also Ethereum, Litecoin, Dogecoin, Ripple and many more! Digital currencies are currently a volatile market and often interchangeable. Evaluate the risk before you decide to buy in. Assess the many options. Decide which best suits your needs.

Digital currencies are still a very risky adventure for gaining cash. If you need to secure money quickly then your best bet is to take out a personal or cash loan with us. We’ll work hard to find you the perfect match for your loan.

At the time of press, UK banknotes are changing. Please read our latest blog, discussing these banknote changes, and what to expect.