Cryptocurrency is a type of digital or virtual currency that uses cryptography for security and operates on a technology called blockchain, which is a decentralized ledger that records all transactions across a network of computers. Unlike traditional currencies issued by governments (known as fiat currencies), cryptocurrencies are typically not controlled by any central authority, making them immune to government interference or manipulation.
Cryptocurrencies can be used for various purposes, including online purchases, investment, and as a means of transferring value. The most well-known cryptocurrency is Bitcoin, which was created in 2009, but thousands of other cryptocurrencies, known as altcoins, exist, each with unique features and uses.
Transactions involving cryptocurrencies are typically pseudonymous, meaning that while transaction details are recorded on the blockchain, the identities of the individuals involved are not directly tied to those transactions. This provides a degree of privacy but also raises concerns regarding illicit activities.
Overall, cryptocurrency represents a new paradigm in finance and technology, enabling peer-to-peer transactions without intermediaries and potentially transforming traditional financial systems.
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