Cryptocurrency: What It Is and How It Works

Cryptocurrencies let you buy goods and services, use apps and games or trade them for profit. Here's more about what cryptocurrency is and how to protect yourself.

What is cryptocurrency?

A digital asset known as a cryptocurrency (or "crypto") can be traded without the aid of a central monetary institution like a bank or government. Cryptographic methods are used to produce cryptocurrencies instead, making it possible for users to buy, sell, and exchange them safely.

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How does cryptocurrency work?

Blockchain technology, which supports Bitcoin and the majority of other cryptocurrencies, provides a tamper-resistant record of transactions and keeps track of who owns what. The development of blockchains solved the issue of stopping people from duplicating their holdings and trying to spend it twice that plagued earlier attempts to create solely digital currencies [1].

Depending on how they are utilized, individual cryptocurrency units may be referred to as coins or tokens. Some can be used to participate in certain software programs like games and financial products, while others can be used as storage of value or as units of exchange for goods and services.
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How are cryptocurrencies created?

Bitcoin uses a procedure called "mine," which is a typical method for creating cryptocurrencies. Computers solve challenging riddles throughout the energy-intensive mining process to confirm the validity of network transactions. The owners of those computers can get newly minted cryptocurrency as payment. Other cryptocurrencies manufacture and distribute tokens in different ways, and many of them have a noticeably smaller environmental impact.

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