What is cryptocurrency? And how does it work?


It seems like everyone’s talking about cryptocurrency these days. You can hear conversations
about cryptocurrency (or “crypto” as some people call it) at the coffee shop, over family dinners,
or at work. The first cryptocurrency appeared in 2008 – Bitcoin, a word that’s now synonymous
with ‘cryptocurrency’ itself. Like Surf is for detergent and Google is for web searches. While
today, there are hundreds of different cryptocurrencies available online, Bitcoin was the one that
truly started it all.
However, the mystery is that no one knows who really created Bitcoin. All we know is that they
call themselves Satoshi Nakamoto, but who they are is anyone’s guess. We’re not even sure if
it’s a single person or a group of people. But whoever this mysterious creator is, they ushered in
the age of cryptocurrency and set out to rule it.
Cryptocurrencies are digital currencies their holders can use to buy and sell products or
services. These digital currencies do not have any physical form, like coins or notes; they exist
purely as code on the internet. Also, these currencies are not regulated by any bank or central
authority; they are completely decentralized.
For this reason, of course, the first reservation towards opting for digital currency is security; or
a lack of it. Most questions on the coinbase support number, in fact, relate to user concerns
regarding the security of digital currencies.
But users don’t need to worry as cryptocurrency companies employ Blockchain Technology to
protect cryptocurrencies.
Blockchain Technology is a recent development that allows digital currencies to be used for
online transactions that are safe and secure. While the details of how Blockchain Technology
works are a bit complicated, it’s safe to say that it prevents anyone from tampering with digital
currency.
Today digital currencies like Bitcoin, Ethereum, Cordano, and others are becoming increasingly
popular – both as sound investments as well as for online trading.
As a result, several online platforms have emerged. These allow users to save, invest or trade
in digital currencies. The largest of these online exchanges is Coinbase. Although Coinbase
does have its share of competitors, including Kraken, Stripe, and Ripple, they are far behind
Coinbase in terms of the number of users and the amount of revenue generated.

Some Issues Faced By Cryptocurrency Traders
Naturally, there have been a few cases where users have accused online platforms of
oversights and even criminal offenses. Some users have filed lawsuits against these
companies, which have had mixed results.
In one case, a Coinbase user had his account information stolen by a third party. The online
thief then emptied the user’s digital currency account through Coinbase, leaving him bankrupt.
There have been similar cases on Coinbase and also other digital currency platforms.
However, when such a scenario occurs, the online platform is not at fault, even though it may
seem that way to the user. Coinbase offers advice to users on how to protect their account
information from potential phishing scams and other types of identity theft.
Coinbase has customer services available at all times to users. An account holder can connect
to Coinbase employees through Twitter, email, and phone. If a person’s account is
compromised, they need to call the coinbase support number, which will connect them to an
automated system that will verify their identity and then ask them what action they wish to take.
In this way, a user whose account has been stolen can disable any transaction to and from their
account, effectively freezing their assets until Coinbase can take further action.
Another problem highlighted by Coinbase users is that the coinbase support number doesn’t
connect the caller to a real person but an automated system. Many customer surveys have
indicated that people prefer to talk to a real customer service representative rather than an
automated system. In Coinbase’s defense though, it is possible they are trying to save the labor
cost of hiring human employees.
Other companies have gotten around this issue by outsourcing their customer services to a
third-world country where labor costs are much lower.
Perhaps now that Coinbase has announced plans to reopen a physical office in Hyderabad,
India, we will see more human representation in the customer service department. In May 2020,
during the Coronavirus outbreak, it closed its physical offices in the US and became a purely
remotely-operated business.

A General Overview Of Available Services
Now that we’ve covered the basics of cryptocurrencies and some of the pitfalls that users face,
let’s look at some common services available to potential investors and traders.

A recent development in the crypto industry is the introduction of wallets for users. A person can
store whatever amount of digital currency they want to in a wallet, and it will be safe online. In
addition, you can withdraw currency into your wallet and out of it whenever and wherever you
want.
The virtual wallet is just one of many services that online digital platforms provide. Users can
transfer virtual money to other user accounts and accept transactions from others as well. And if
a user desires to take a loan from the company, they can even do that – provided they meet the
company’s criterion, of course. Also, Users can invest or choose to make a savings account of
their assets. For a complete list of Coinbase services, you can call the coinbase support
number.
When Coinbase first opened in 2008, they only traded in a single cryptocurrency – Bitcoin. But
now, in 2021, Coinbase allows users to trade in more than 42 other digital currencies. These
digital currencies include Litecoin, Tether, Cardano, Ethereum, and many more.
One frequent criticism of online trading platforms, nonetheless, has been their poor
communication with users.
To fix this problem, companies are increasing their presence on social media platforms so that
users can get in touch with them more easily. In addition, dedicated teams are being trained to
communicate with users through email, indicating that this issue won’t be a problem for users
much longer.