Much of the interest in cryptocurrencies is to trade for profit, with speculators at times driving prices skyward. The first cryptocurrency was Bitcoin, which was founded in 2009 and remains the best known today. The aim of encryption is to provide security and safety. This means advanced coding is involved in storing and transmitting cryptocurrency data between wallets and to public ledgers. Cryptocurrency is stored in digital wallets.Ĭryptocurrency received its name because it uses encryption to verify transactions. When you transfer cryptocurrency funds, the transactions are recorded in a public ledger. Instead of being physical money carried around and exchanged in the real world, cryptocurrency payments exist purely as digital entries to an online database describing specific transactions. It’s a peer-to-peer system that can enable anyone anywhere to send and receive payments. What is cryptocurrency?Ĭryptocurrency is a digital payment system that doesn't rely on banks to verify transactions. Cryptocurrencies don't have a central issuing or regulating authority, instead using a decentralized system to record transactions and issue new units. Cryptocurrency, sometimes called crypto-currency or crypto, is any form of currency that exists digitally or virtually and uses cryptography to secure transactions.
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