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What is Cryptocurrency?
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[QUOTE="blessingc, post: 239506, member: 73446"] Cryptocurrency, sometimes called crypto, is any form of currency that exists digitally or virtually and uses cryptography to secure transactions, Cryptography is the method that secures data from unauthorized access by the use of encryption techniques. Most of the claims that blockchain makes, like privacy and immutability, are enabled through cryptography. It is a digital payment system that doesn't rely on banks to verify transactions, it uses advanced coding in storing and transmitting cryptocurrency data between wallets and to public ledgers and to verify transactions. It runs on a distributed public ledger called blockchain. Blockchain is similar to a bank’s balance sheet or ledger they are usually not issued or controlled by any government or other central authority. There are different types of cryptocurrencies, they are classified into coins and tokens. Under coins there are stable coins and reserve coins, and under tokens there meme tokens and utility tokens and Non Fungible Tokens (NFTs). The most popular cryptocurrencies, by market capitalization, are Bitcoin, Ethereum, Bitcoin Cash and Litecoin. They can be generated through a process called “mining” it is a complex process. Basically, miners are required to solve certain mathematical puzzles over specially equipped computer systems to be rewarded with crypto in exchange. [/QUOTE]
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