Introduction to Cryptocurrency
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The Way Money is Moving!
The first thing to understand about cryptocurrency is, even though it’s virtual, it is a true currency, used as a medium of exchange for goods and services. However, unlike government issued money, cryptocurrencies are not issued by a central authority, making them immune to both government interference and manipulation.
Cryptocurrency units are created by a complex and time-consuming computer process known as “mining.” Just like every dollar bill issued has a serial number, every unit of cryptocurrency has an encryption key. This key is kept on a virtual public ledger that records every transaction made with that unit of currency. And though this ledger is public, the encryption key is exponentially secure, and every transaction is made anonymously.
Each transaction made within a cryptocurrency network takes place directly between the two parties in the transaction (peer-to-peer), eliminating the need for a middle man (like banks or credit cards). This makes them easier than traditional transactions, and cheaper too!
Given the autonomy, security, anonymity and economy associated with cryptocurrency, it’s no wonder that this is the way that money is moving!
Driving the World of Cryptocurrency
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