What is Cryptocurrency

Andrew Hansen - Cryptocurrency

A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralised networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.

Key Takeaways

  • A cryptocurrency is a form of digital asset based on a network that is distributed across a large number of computers. This decentralised structure allows them to exist outside the control of governments and central authorities.
  • Experts believe that blockchain and related technology will disrupt many industries, including finance and law.
  • The advantages of cryptocurrencies include cheaper and faster money transfers and decentralised systems that do not collapse at a single point of failure.
  • The disadvantages of cryptocurrencies include their price volatility, high energy consumption for mining activities, and use in criminal activities.

2 thoughts on “What is Cryptocurrency

  1. Sue Boundy says:

    Hi
    My Name is Sue and I work with Patti.She was going to introduce me to you..lam happy for you to get my number from Patti and get in touch.

    Thanks.

    Sue

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