Cryptocurrency is a digital or virtual form of currency that uses cryptography for security. It operates on decentralized networks based on blockchain technology, which is a distributed ledger enforced by a network of computers (often referred to as nodes). Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are typically not controlled by any central authority, making them immune to government interference or manipulation.
Cryptocurrencies are characterized by their use of cryptographic techniques to secure transactions, control the creation of additional units, and verify the transfer of assets. Bitcoin, created in 2009, is the first and most well-known cryptocurrency, but thousands of alternatives, known as altcoins, exist. These can serve various purposes, including online transactions, investment, and the execution of smart contracts.
Transactions involving cryptocurrencies are often pseudonymous, allowing users to operate without disclosing their actual identities, which raises both privacy and regulatory concerns. As a relatively new asset class, cryptocurrencies have gained significant attention from investors, tech enthusiasts, and regulators alike, leading to rapid developments in the field.
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