Cryptocurrency

Cryptocurrency is a digital or virtual currency that uses cryptography for security and is decentralized, meaning it is not controlled by a central authority such as a bank or government. The first and most well-known cryptocurrency is Bitcoin, which was created in 2009. However, there are now thousands of different cryptocurrencies, with new ones being created all the time.


Cryptocurrencies are digital or virtual currencies that use cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature of a cryptocurrency, and arguably its biggest allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.

Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies. Bitcoin, the first and most widely used cryptocurrency, was created in 2009. There are more than four thousand cryptocurrencies in existence as of January 2020, with the total market capitalization exceeding one hundred billion US dollars.

Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems. The decentralized control of each cryptocurrency works through a blockchain, which is a public transaction database, functioning as a distributed ledger. Bitcoin, the first and most widely used cryptocurrency, was created in 2009. There are more than four thousand cryptocurrencies in existence as of January 2020, with the total market capitalization exceeding one hundred billion US dollars.

Cryptocurrencies are digital or virtual currencies that use cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature of a cryptocurrency, and arguably its biggest allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.

Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems. The decentralized control of each cryptocurrency works through a blockchain, which is a public transaction database, functioning as a distributed ledger.

A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp, and transaction data. By design, a blockchain is resistant to modification of the data.

Blockchains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been achieved with a blockchain. This makes blockchains potentially suitable for the recording of events, medical records, and other records management activities, such as identity management, transaction processing, documenting provenance, or food traceability.

Cryptocurrencies are used primarily outside existing banking and governmental institutions and are exchanged over the Internet. While these alternative, decentralized modes of exchange are in the early stages of development, they have the unique potential to challenge existing systems of currency and payments. As of December 2017, the total market capitalization of cryptocurrencies is bigger than 600 billion USD and record high daily volume is larger than 500 billion USD.

Cryptocurrencies are a type of digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature of a cryptocurrency, and arguably its biggest allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.

The word "cryptocurrency" was first used in 2011 when a white paper was published on a new type of currency called Bitcoin. Bitcoin was created in 2009 by a person or group of people under the pseudonym Satoshi Nakamoto. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.

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