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Cryptocurrency – a brief explanation

What Is Cryptocurrency?

A cryptocurrency is a virtual/digital currency secured by cryptography, which makes it almost impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers.

A fundamental feature of cryptocurrencies is that they are usually not issued by any central authority, rendering them in theory immune to governmental control or manipulation.

Cryptocurrencies can be mined, purchased from cryptocurrency exchanges, or rewarded for work done on a blockchain. Not all e-commerce sites allow purchases using cryptocurrencies. In fact, cryptocurrencies, even popular ones like Bitcoin, are hardly used for retail transactions. Cryptocurrencies have increased value due to them being popular as trading instruments or investments. To a some extent, they are also used for cross-border transfers.