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Cryptocurrency is a digital payment system that doesn't rely on banks to verify transactions. A peer-to-peer system enables anyone to send and receive payments anywhere. Instead of being physical money carried around and exchanged in the real world, cryptocurrency payments exist purely as digital entries to an online database describing specific transactions. The transactions are recorded in a public ledger when you transfer cryptocurrency funds. Cryptocurrency is stored in digital wallets.
Cryptocurrency received its name because it uses encryption to verify transactions. This means advanced coding is involved in storing and transmitting cryptocurrency data between wallets and public ledgers. The aim of encryption is to provide security and safety.
The first cryptocurrency was Bitcoin, founded in 2009,d is the best known today. Much of the interest in cryptocurrencies is to trade for profit, with speculators at times driving prices skyward.
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