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  • Los Angeles Times

    A beginner's guide to cryptocurrency

    by Jon Healey, Los Angeles Times Dec 29, 2021 6 minutes

    The Los Angeles Lakers' home game on Christmas Day against the Brooklyn Nets will be a coming-out party for Crypto.com Arena, the new name for the facility formerly known as Staples Center. The point of the renaming deal — which will reportedly cost the Singapore-based company more than $700 million — is to promote Crypto.com as the best way to buy and sell cryptocurrencies and related digital goods.

    Today, however, only a fraction of the TV-watching world could explain the difference between a bitcoin and an Amazon gift card, or between a non-fungible token and a Chuck E. Cheese token. The hype surrounding cryptocurrencies may be inescapable, but that doesn't mean people understand how they work or why some of their values have gyrated so wildly.

    Here are some of the basics to help bring you up to speed. Do not interpret any of this as an endorsement of cryptocurrencies, which are not particularly useful today as currencies nor reliable as investments.

    What is cryptocurrency?

    To understand cryptocurrency, it helps to consider that bitcoin rose from the ashes of

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