Can cryptocurrency be converted to cash?

 You ask yourself, "Can cryptocurrency be converted to cash?" Here's everything you need to know.

Cryptocurrency is a form of digital currency which is decentralized and encrypted so that it cannot be altered by any authority. The transactions are performed without intermediaries, hence the term "cashless". In other words, the US dollar does not exist with cryptocurrency; it doesn’t even exist as a physical manifestation.

It is a form of digital money or currency which is secured by cryptography. It is the first decentralized, digital currency that uses peer-to-peer technology to facilitate instant payments. It allows you to make worldwide transfers immediately, with almost no transaction fees.

Cryptocurrency was the talk of the town in the year 2017 when its price went through the roof like never before. Its increasing popularity led to investors investing millions of dollars into cryptos and leading it to become a mainstream investment tool. You may have heard of Bitcoin (BTC) and Ethereum (ETH); these are two of the most prominent cryptocurrencies.

Cryptocurrency is one digital tool where you can invest in a project without paying any fees. You invest in it when you believe that the value will increase over time, or you will profit from it. Like stocks, if you buy a cryptocurrency at the current price, then you will definitely make money if its value increases.

Cryptocurrency is a digital currency which isn’t controlled by any central bank or institution. It is a decentralized currency, meaning that it functions through the Internet. It has no physical form, like money (dollars), and no production costs, like government-issued money (paper notes). The value of cryptocurrency, like every other asset class in the world, depends on how investors perceive it to be valuable.

Since cryptocurrency is electronically stored, it can be easily stolen without being traced back to the user. Therefore, it is an investment which is somewhat risky for its users. However, when you invest in cryptocurrencies, you can be sure that if you were to buy it now at the current market price, then you will definitely make money from it.

Today there are more than 1000 cryptocurrencies in the market. There is no guarantee on how many will survive in future or not. Therefore, it is very difficult to predict what cryptocurrency would be the next big thing.