What is cryptocurrency?
In the simplest terms, cryptocurrency is an alternative way to make payments other than from using traditional popular currency such as US dollars, European euro. Japanese Yen, British pounds, Swiss francs, and Canadian dollars etc.
Cryptocurrency is a digital currency that is becoming very popular as an alternative form of payment. The payments are created using encryption algorithms. In order to be able to use the currency you would need a cryptocurrency wallet.
What makes Cryptocurrency very interesting is that you do not have to carry it around on your personal being or in your wallet like traditional money.
Cryptocurrency is not a physical currency. It can only be traded or used as a form of payment digitally. You can get crypto coins on trusted and secure bitcoin and crypto currency exchanges
Think of a huge online database that would show all of the transactions made with digital currency. When someone actually transfers the cryptocurrency funds, the transactions are recorded in the public digital ledger.
The distributed public ledger (which is called a blockchain), is simply a record of all the transactions that have been made. This database is essentially a record of every cryptocurrency currency holder and every transaction that is being made and it is constantly being updated.
For many people it is kind of hard to wrap your head around what cryptocurrency actually is.
A few years back not many people knew what they were actually how to use them. Recent polls have shown that around 80% of the United States population know or have heard of what cryptocurrencies are but only about 10% have cryptocurrency assets.
Many people are still very skeptical or are completely in the dark about these new currencies.
What makes it a little bit scary is that if you own cryptocurrency, you don’t actually hold anything or own anything that is actually tangible like real money is. You are owning a digital currency which is a unit of measure in which you can send from yourself to other people or companies as a form of payment.
The most commonly widely known cryptocurrency he is of course bitcoin. Other well-known cryptocurrencies include Ethereum, tether, USD coin, and Binance, among others.
According to fool.com there are more now more than 12,000 cryptocurrencies.
Many cryptocurrency enthusiasts are always looking for the next new big cryptocurrency launch.
DeFi Coin is a very well-liked and favored cryptocurrency that is projected to do well in 2023.
Many people use cryptocurrencies as a form of investment. They will try to buy in low and then sell when the price of cryptocurrency rises.
The top States that are the most interested in cryptocurrency
There is a company called RewardExpert that analyzes search traffic and geographical data to document which United States states were most interested in cryptocurrencies.
Here are the top 10 states on their list in which the residents of the states are getting very much interested in cryptocurrencies.
Note: New Jersey is #3 on the list!
Here are the top 10 states where cryptocurrency is really catching on
California – The beautiful state of California which is home to the wine region just north of the San Francisco Bay area is the number one reported state that is interested most in cryptocurrencies. How did we get this data and how do we know? All you have to do is go over to Google trends (a great resource for people looking for popular search terms) and you will see that many people in California have been searching for bitcoin, Ethereum, as well as other popular cryptocurrencies.
New York – Of course, we all know that New York is a huge technical nucleus. What you may not know is that New York has very strict laws concerning the way residents can buy and sell cryptocurrencies. Residents are limited in the exchanges that they have available to them but they are still able to use some of the big players like RobinHood, public.com, SoFi, and Coinbase among others.
New Jersey – Our own homegrown garden state ranks third on the list of states where crypt occurrence he is catching on. This is primarily due to (according to RewardExpert) New Jersey is one of the most educated states in all of the United States. New Jersey has the highest interest in Ripple than any other state in the country. Coming in a close second is Litecoin.
Washington – Washington is home to some big technical players in the field such as Microsoft and Amazon. The most popular cryptocurrency in Washington is by far Ethereum.
Alaska – Again using keyword research, Alaska ranks number five on the list for the sheer volume of their searches of the actual term “cryptocurrency”.
Nevada – According to Google trends, the interest in cryptocurrency scores an 84 on a 100-point scale. Nevada ranks number six on this list.
Florida – Florida ranks in the high 70s on Google trends for the term “cryptocurrency”. RewardExpert believes that this may be due to a more mature community of retirees that are searching for alternative investment opportunities.
Utah – Many places in Utah are starting to take cryptocurrencies as a common form of payment, especially in the Salt Lake City area.
Connecticut – Bitcoin and Lightcoin or the two most popular cryptocurrencies in Connecticut. Searches for Litecoin rank at 85 on Google trends.
Colorado – Bitcoin and Lightcoin or the two most popular cryptocurrencies in Connecticut. Searches for Litecoin rank at 85 on Google trends.
STATE OF NEW JERSEY 220th LEGISLATURE
“Virtual Currency and Blockchain Regulation Act”
The New Jersey Digitial Assets and Blockchain Regulation Act helps to set an organizational structure allowing companies and organizations to form in New Jersey and it permits these organizations the ability to issue electronic stock certificates to help create tax incentives for virtual currency businesses to move to and operate in the Garden State.
It’s nice to see that New Jersey as a state is embracing cryptocurrency allowing businesses to use cryptocurrencies for transactional, operational, and investment purposes.
