CryptoCurrency is the future of money. CryptoCurrency is digital currency that uses cryptography (security techniques) to regulate the generation of units of currency and verify the transfer of funds. Cryptocurrencies are designed to work independently of central banks and governments.
There are currently two major types of cryptocurrencies - decentralized cryptocurrency and centralized cryptocurrency. Decentralized cryptocurrencies are distributed among millions of computers, meaning that no single entity controls them, nor do they have any physical representation. Centralized cryptocurrencies are issued by companies; their value is based on trust in these organizations. Both have advantages and disadvantages, but we’ll focus on the decentralized ones here.
Decentralized cryptocurrencies are not controlled by any government or company. Instead, they are generated by people who use software to solve complex mathematical equations. These “miners” use high-powered computers to complete tasks and earn crypto coins.
The first decentralized cryptocurrency was Bitcoin, which was created in 2009 by Satoshi Nakamoto. Since then, many others have been developed, including Ethereum, Litecoin, Ripple, Dash, Monero, ZCash, and Dogecoin.
You can buy and sell crypto currencies using wallets. Wallets are programs that allow users to hold and manage private keys. Private keys are codes that allow access to user accounts. Users can create multiple wallets to store different amounts of crypto. You can also trade crypto currencies online using platforms called exchanges. Exchanges act as marketplaces where buyers and sellers meet to exchange crypto for fiat currency.
CryptoCurrency trading involves risk. If you lose money investing in crypto, you could lose your entire investment. To help protect yourself, always keep some fiat currency on hand in case you need to convert your crypto back to fiat.
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