What is cryptocurrency and how does it work?
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Cryptocurrency is a form of digital or virtual currency that uses cryptography for security. It operates on a decentralized network called a blockchain, which is a distributed ledger maintained by a network of computers known as nodes.
Cryptocurrencies work through a technology called blockchain, which records and verifies transactions. When someone makes a transaction using cryptocurrency, it gets added to a block and then added to the blockchain. This ensures transparency and security, as each transaction is verified by multiple nodes in the network.
Additionally, cryptocurrency uses cryptographic techniques to secure transactions and control the creation of new units. This makes it difficult to counterfeit or manipulate and provides a level of privacy and anonymity for users.
Different cryptocurrencies have unique features and functions, but they generally function as a medium of exchange, store of value, or unit of account. Bitcoin, created in 2009, is the first and most well-known cryptocurrency, but there are now thousands of