What is cryptocurrency? A plain-English guide for beginners
By SendPay Business · · 2 min read
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Cryptocurrency is digital money that runs on a shared public record called a blockchain, rather than being issued by a central bank. Bitcoin, launched in 2009, was the first; thousands of others now exist.
How it differs from bank money
- No central bank issues it or sets its value; the price moves with supply and demand.
- Transfers are recorded on a blockchain and usually can't be reversed.
- Whoever controls the private keys controls the coins.
The risks to understand
Prices can rise and fall sharply, and in the UK crypto isn't covered by the Financial Services Compensation Scheme. The FCA warns that people should be prepared to lose all the money they put in.
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What it does
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How people buy, sell and hold it
Most people use an exchange or app: they pay in with regular money, buy crypto, and either leave it with the provider or move it to their own wallet.
Where SendPay fits
SendPay's Crypto Exchange platform lets your customers buy, sell and hold crypto under your own brand, with assets held with regulated partners. SendPay tells you in writing which licences apply to your platform before you launch.
How it works
Your own money app- 1Name it and pick your colours
- 2Choose what it does
- 3Launch when you are ready
Why sign up
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- 🚀Your own financial platformDesign and preview your whole platform free, then launch when you are ready.
SendPay Business is a technology company, not a bank. Accounts, cards and payments are powered by licensed partners.
Questions people ask
What is a crypto exchange?
A platform where people buy, sell and swap crypto.
What is a crypto exchange? →Read next
Spotted a mistake or something out of date? and we'll fix it. How our guides are made
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.