cryptocurrency

 

Crypto Basics



NARAYAN SAHU

What is cryptocurrency


Cryptocurrency is a type of digital or virtual currency that uses encryption techniques to regulate the generation of units of currency and verify the transfer of funds. Cryptocurrencies operate independently of a central bank and use decentralized technology, such as blockchain, to maintain their transactions and ensure their security.


The most well-known cryptocurrency is Bitcoin, but there are now thousands of different cryptocurrencies in circulation, each with its own unique characteristics and uses. Some cryptocurrencies are designed to serve as a medium of exchange, similar to traditional currencies like the US dollar or Euro, while others are designed for specific use cases, such as facilitating decentralized applications or enabling peer-to-peer lending.

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