What is Cryptocurrency?
Crypto or cryptocurrency is a digital currency. It is decentralized, meaning there is no central authority that manages and distributes the cryptocurrency. You may be able to use cryptocurrency to buy regular goods and services, although Arculus itself is a not a cryptocurrency payment or debit card.
Is Cryptocurrency safe?
The degree of safety depends on multiple factors, such as what you are doing with your crypto, which cryptocurrencies you are using, whether you are using a hot or cold wallet to store your crypto, as well as your own personal risk tolerance. Buying or swapping cryptocurrency does come with a high degree of risk and the market for cryptocurrencies can be very volatile. Furthermore, the cryptocurrency space is unregulated, and therefore scams may be prevalent. You can greatly increase the safety of your cryptocurrency related activities by utilizing a cold wallet such as the Arculus Wallet™. Please also keep in mind to never share your 12 or 24 word recovery phrase, as no amount of security and good practices will stop someone from accessing your crypto should you give them your recovery phrase.
What is a blockchain?
A blockchain is a system of recording information in a way that makes it difficult to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that, unlike a bank’s ledger which is specific to that bank, is duplicated and distributed across the entire network of computer systems on the blockchain. Each cryptocurrency has its own blockchain, which is an ongoing, constantly re-verified record of every single transaction ever made using that cryptocurrency. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger. No single company, country, or third party is in control of a blockchain; and anyone can participate.