Cryptocurrency is a digital or virtual form of currency that uses cryptography for security. It operates on decentralized technology, primarily blockchain, which is a distributed ledger enforced by a network of computers (nodes). Cryptocurrencies are designed to work as a medium of exchange, allowing for peer-to-peer transactions without the need for an intermediary, such as a bank.
The most well-known cryptocurrency is Bitcoin, introduced in 2009, but thousands of other cryptocurrencies, often referred to as altcoins, exist. Each cryptocurrency operates on its own underlying technology and principles, which can include variations in how they achieve security, consensus, and governance.
Cryptocurrencies are characterized by their anonymity, security, and the ability to enable transactions across borders with minimal fees. They can be bought, sold, and traded on various platforms and are often considered an investment. Their decentralized nature contrasts with traditional currencies, typically issued and regulated by central authorities. The rise of cryptocurrencies has sparked discussions about the future of finance, money laundering, regulatory frameworks, and the impact on economies worldwide.
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