Spotlight on digital currency with MyBnk
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What’s a digital currency?
It’s a type of money that’s only available in a digital or electronic form. You can’t feel it or touch it like cash and it’s usually stored in an e-wallet like an app or computer programme. It’s also encrypted, which means it’s one of the most secure, anonymous forms of monetary transaction there is. Whilst it is secure, as we are not financial advisors, we are educators, so we strongly suggest not getting involved in digital currency until you are over 18 and have done extensive research of your own to find out what’s best for you.
An early use of Bitcoin was for fast food. In 2010 Programmer Laszlo Hanyecz traded 10,000 bitcoins for two Papa John’s pizzas – about $41 at the time. Today that order would have cost nearly £400 million.
What’s bitcoin?
It’s one of the first and most popular digital currencies on the market, but it’s not the only one. You may have heard of Ethereum, Litecoin and DogeCoin. There are literally thousands of them!
What’s the blo...
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