Bitcoin and the world of cryptocurrencies, explained

, and it has often been used on the Silk Road to buy drugs), you certainly can't just walk into a grocery store and buy a gallon of milk with a bitcoin or two. In fact, even apps like Purse or PayPal, which allow purchases to be made with bitcoin,

before making the transaction, so you aren't technically spending that bitcoin or Dogecoin, but rather its legal tender value.So if you can't spend a bitcoin or unit of cryptocurrency, why were they invented? The answer may lie in, which reads:"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.

. Blockchain allows us to move information securely and authentically and can be adapted for things like voting, maintaining inventory records, and identifying exploited labor practices.The number of cryptocurrencies is always growing, so it can be difficult to pin down an exact count, but as of April 2021, there were

. This includes coins, like bitcoin and Dogecoin, as well as tokens, which represent a tradable asset or utility .Almost every discussion of cryptocurrency winds its way to Elon Musk, so how does he fit in with all of this, exactly? Only as an ardent supporter of and believer in cryptocurrencies, really. Many have theorized Musk is actually Nakamoto or the mastermind behind Dogecoin (that would be

Source: Digital Coin News (digitalcoinnews.net)

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