#CryptoFees101

What's a cryptocurrency?

A cryptocurrency is just like a digital form of cash. You can use it to pay friends for your share of the bar tab, buy that new pair of socks you've been eyeing up 👀, or book flights ✈️ and hotels 🏨 for your next holiday. Because cryptocurrency is digital, it can also be sent to friends and family anywhere in the world.

Just like PayPal or bank transfers, right?

Well, not really. It's way more interesting!

You see, traditional online payment gateways are owned by organizations. They hold your money for you, and you need to ask them to transfer it on your behalf when you want to spend it.

In cryptocurrencies, there isn't an organization. You, your friends, and thousands of others can act as your own banks by running free software. Your computer connects with other people's computers, meaning you communicate directly – no middlemen required!Cryptocurrencies aren't all the same!

If you're interested in learning about some of the different coins and tokens, we've compiled a list of guides on Binance Academy:

What Is Bitcoin? (the king of cryptocurrencies)

What Is Ethereum? (the distributed computer)

What Is BNB? (the original exchange coin)

A Beginner's Guide to Monero (for the privacy aficionados)