What is cryptocurrency and how does it work?

A bumpy stock market and rising geopolitical tensions have lately pushed investors toward safe haven investments like gold or government bonds – but what about cryptocurrency?Bitcoin, the pioneering digital currency, is coming off a record-breaking year, surpassing $100,000 for the first time in its 16-year history last December.It has seen a wild ride since, briefly tumbling as low as $75,000 earlier this month over anxieties about a trade war.The price has recently bounced back, topping $90,000.

But its notorious volatility doesn’t mean it can’t be part of a mainstream investing strategy, proponents say.“In some ways, it’s riskier not to hold any crypto, just how a financial advisor would be like, ‘You should have some stocks.You should have some bonds.

You should have some real estate,’” Ben Weiss, co-founder and chief executive of CoinFlip, a crypto ATM provider, told The Post. “I think crypto’s gotten to the point where it’s a key part of any portfolio,” he continued.Still, delving into the world of cryptocurrency can be daunting.There are seemingly endless options out there – Bitcoin, Ethereum, XRP – and lots of jargon, from blockchains to smart contracts.If you’re ready to make your first foray into cryptocurrency, here are the basics you’ll need to know.The first step, as most crypto experts will tell you, is to educate yourself – start with the basics and work to grasp what makes cryptocurrency unique.As its name would suggest, cryptocurrency is a form of digital money.

But unlike the U.S.dollar, cryptocurrency can record and transfer value without relying on banks or the government for its value.“It’s fully online.

It’s made for the internet,” Weiss told The Post.“It’s borderless and secured by code instead of a centralized third-party.”That borderless nature makes cryptocurrency more accessible, in some respects, than regular currencies.Anyone with a connection to the internet can partake, and it can b...