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And the amount of the change can be significant. The value of a cryptocurrency can change rapidly, even changing by the hour. Cryptocurrency values change constantly.If something happens to your account or cryptocurrency funds - for example, the company that provides storage for your wallet goes out of business or is hacked - the government has no obligation to step in and help get your money back. dollars deposited into an FDIC insured bank account. Cryptocurrency held in accounts is not insured by a government like U.S. Cryptocurrency accounts are not backed by a government.Dollars?īecause cryptocurrency exists only online, there are important differences between cryptocurrency and traditional currency, like U.S. How is cryptocurrency different from U.S. If something happens to your wallet or your cryptocurrency funds - like your online exchange platform goes out of business, you send cryptocurrency to the wrong person, you lose the password to your digital wallet, or your digital wallet is stolen or compromised - you’re likely to find that no one can step in to help you recover your funds. A digital wallet has a wallet address, which is usually a long string of numbers and letters. Where and how do you store cryptocurrency?Ĭryptocurrency is stored in a digital wallet, which can be online, on your computer, or on an external hard drive. Some people earn cryptocurrency through a complex process called “mining,” which requires advanced computer equipment to solve highly complicated math puzzles. You can buy cryptocurrency through an exchange, an app, a website, or a cryptocurrency ATM. Others hold cryptocurrency as an investment, hoping the value goes up. People use cryptocurrency for many reasons - quick payments, to avoid transaction fees that traditional banks charge, or because it offers some anonymity.

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