They have access to more information, expertise and opportunity. The financial markets are dominated by people who fully understand how they work and are best connected to them. This makes it incredibly difficult for people to take full control of their money. It’s estimated that, worldwide, only 1 in 3 adults has a basic understanding of the key concepts in finance. Also, these transactions often take days to complete.
For them, digital payments are impossible and growing wealth is hugely challenging.Īcross the world, the average cost of sending money internationally is over 6% (and even higher when using banks). So, if we want to understand the driving force behind the creation and rise of cryptocurrency, we need to take a look at the problems with the current financial system.Īn estimated 1.4 billion adults have no bank account, so can’t involve themselves in the financial sector. Right now, the way most of us store, send and spend money - the global financial system - works just fine.īut it doesn’t work for all of us. What are the problems with the current financial system? Now, you might be thinking, okay, ‘all that’s fine, but what’s so wrong with normal money, that they had to make it digital? ’ You can spend it online, or via contactless payment, but unlike electronic money - which you can turn into physical money at an ATM - digital money never takes physical form.Īnd cryptocurrency is named as such because its transactions are verified and records maintained by a decentralised system, using cryptography. You can use it to pay for goods and services, just like physical currency, but it only exists in electronic form.Ī good way to think of it is like the electronic money in your bank account. Well, it’s basically what it sounds like… It’s any form of currency stored, managed, or exchanged on computer systems.
Right, let’s start with the big question: What is cryptocurrency?Ĭryptocurrency is a type of digital money. What are the problems with the current financial system?.So, if you’ve ever thought, ‘ I’d love to know more about cryptocurrency but don’t know where to start’, well then - you’re in exactly the right place. In fact, by the end of this guide, you’ll have the knowledge and confidence to use nano for all sorts of things, time and time again. We’ll explore what makes it so special and show you how to try it for free - simply and safely - with handy video tutorials along the way. We’ll also introduce you to the cryptocurrency nano. We’ll explain everything from what cryptocurrency is, to why it was created, and how it can help to solve some of the problems with the current banking system. This is where we cover some of the most commonly asked questions about cryptocurrency - which, let’s face it, can be a pretty confusing topic. Welcome to The beginner's guide to cryptocurrency and nano!
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