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What is Cryptocurrency?

Fernando Cortez


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Hello, thank you for your question! 

Cryptocurrency is a virtual currency that is secured by cryptography rendering it safe from counterfeiting and other frauds. Most of the cryptocurrencies are based on a decentralized network with blockchain technology. 

Another thing that differentiates them from ordinary currencies is that they are not issued by any government or central authority, which protects them from external influence and manipulation.

They are predominantly used in order to make secure payments that cant be tracked due to their encrypted nature. The most popular currency and the first one which was created is Bitcoin, which is also the biggest one by value. There are numerous new cryptocurrencies that are derived from Bitcoin or based on new blockchain technologies.

Today, the aggregate value of all the cryptocurrencies in existence is around $214 billion—Bitcoin currently represents more than 68% of the total value

The main thing which was nominal for the cryptocurrency success was blockchain technology, which acts as an online ledger, and according to the transactions made, keeps track of the amount of cryptocurrency, bought, sold, or traded, adjusting its value according to this data.

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