A cryptocurrency is a digital asset designed as a medium of exchange. It uses cryptography to secure transactions and control the creation of additional currency units. Cryptocurrencies are digital currencies, a subset of alternative currencies. The most popular cryptocurrency is bitcoin, and since their invention, the various new cryptocurrencies that have been created are often referred to as altcoins, short for bitcoin alternative.

Bitcoin has successfully positioned itself as another business opportunity for forex and other traders. As mentioned earlier, buying and selling bitcoins is a simple, fast and inexpensive process. Before setting up your bitcoin account, you should familiarize yourself with the status of bitcoin in your country and any other applicable laws and requirements. The legal status of Bitcoin varies widely from country to country and in many cases is still undefined or in flux.

Some countries that have managed to come to terms with bitcoin have gone a step further and introduced bitcoin ATMs: Internet ATMs that resemble regular ATMs and allow people to exchange bitcoins and cash. Bitcoins can be bought or exchanged back into cash at these machines. You can even set up your own bitcoin ATM if local regulations allow it.