Crypto basics

Crypto is speculative, not covered by SIPC or the FDIC, and offered through the Plynk app only by Paxos. Don’t invest more than you’re willing to lose.

What is crypto?

In general, cryptocurrency—crypto for short—is digital currency that can be transferred from person to person without using a third party, like a bank.

Who owns it?

Unlike the US dollar, crypto isn’t owned by a government or other authority.

You know how no individual person owns the internet? Same thing goes for the technology behind cryptocurrency.

Instead, it’s enabled and supported by all its users, on networks of computers running certain software.

How many cryptocurrencies exist?

There are over 18,000 different cryptocurrencies and counting as of March 2022.^*

Some popular cryptocurrencies are Bitcoin, Ether, Litecoin, and Bitcoin Cash.

What is crypto used for?

In the Plynk app, you can only buy, hold, and sell the 4 cryptocurrencies available through Paxos: Bitcoin, Litecoin, Bitcoin Cash, and Ether.

But more broadly, people around the world use crypto in all sorts of ways. They buy, hold, sell, transfer, and exchange it.

More specific uses of crypto include:

• Keeping it as an investment
• Sending it to friends or family
• Paying for goods or services
• Donating to charity

Deciding if crypto is right for you

Trading crypto can be risky so it’s important to decide for yourself if you’re comfortable buying it.

If you do decide it’s the right move for you, think about how much you want to invest in it. Make sure it’s not money from your emergency savings or that you may need to pay your bills.

Essentially, if you can’t afford to lose it, don’t use it.