Cryptocurrency

Cryptocurrency

What is Cryptocurrency

A cryptocurrency is a virtual or digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. It designed to work as a medium of exchange that uses strong Cryptography to control the creation of additional units, verify the transfer of assets, and secure financial transactions.

The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database. Essentially, cryptocurrencies are limited entries in a database that no one can change unless specific conditions are fulfilled.

Bitcoin, first released as open-source software in 2009, is generally considered the first decentralized cryptocurrency.

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