How Does Crypto Work?
How Does Crypto Work? A Detailed Look into the World of Digital Currency Cryptocurrency has evolved from a marginal idea to an international phenomenon in more than a decade. With the arrival of Bitcoin, Ethereum, and thousands more digital currencies, people are now using crypto as much more than an investment opportunity but rather as a new paradigm for thinking about money 1. What Is Cryptocurrency ? Cryptocurrency is digital or virtual currency that relies upon cryptography to ensure transactions. Differing from traditional currencies held in reserve and issued by banks (such as the US dollar or the Euro), cryptocurrencies are: Decentralized : Free from control of any one organization or government. Peer-to-pee r: Transactions take place directly among users, not through intermediaries such as banks. Digital : Online-only—there are no coins or banknotes. 2. The Role of Blockchain Technology . At the core of every cryptocurrency is the blockchain . This is a distributed, ...
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