what is a cryptocurrency?

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asked Dec 28, 2020 in Internet by RoseannDillon (14,340 points)

5 Answers

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answered Dec 28, 2020 by IsiahHenderson (24,090 points)

A cryptocurrency is a virtual currency that can be used for various transactions, including selling and purchasing items or trading. The most prominent cryptocurrencies that are used today include Bitcoin, Litecoin and Ethereum. The first cryptocurrency, Bitcoin, was developed in the year 2008 and released to the public in 2009. It became popular in the next decade and continues to be the most preferred cryptocurrency even today. New Bitcoins are created through a process called Bitcoin mining.

Cryptocurrencies make use of a technology known as a blockchain. Blockchains are enormous ledgers or databases with information stored in unique but linked blocks. Blockchains are decentralised, and no single entity has control over an entire blockchain. When a cryptocurrency transaction takes place, it is sent to computers around the world. These computers solve incredibly complex mathematical problems and verify the transaction. During a Bitcoin mining, the first computer that solves the problem gets Bitcoins. Once the transaction has been verified, it will be added to a block and connected with the rest of the blocks.

Due to decentralisation and cryptography, cryptocurrencies are said to be extremely secure. Since each currency or token has a unique line of code, they can be easily tracked and are difficult to counterfeit. Check out this source to know more about cryptocurrency.

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answered Dec 19, 2021 by Kormark321 (1,040 points)

Hi, IDO(https://boostylabs.com/blockchain/ido) saves up on your money as it prevents burning a hole in your pocket in the name of an exchange fee. A decentralized exchange offers you to choose from anything and everything without anybody’s permission.

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answered Dec 20, 2021 by KoryPowell (5,050 points)

Cryptocurrency is software code, and it has no offline version. All digital money lives only in the network space. It is not backed by gold. Anyone who has enough money to buy special equipment can mine (produce) cryptocurrency, but there are restrictions on coin mining, so the rate of digital money must rise.  A related topic is currencies trading. Choose proven platforms for such operations, and you will be expecting success!

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answered May 12, 2022 by Grant (1,740 points)

What is the most secure way in order to make money on cryptocurrency?

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answered May 12, 2022 by Harolddoo (650 points)

Your result on the exchange will depend on the choice of a broker. Therefore, pay attention to the choice of a broker. I chose a legit broker. This is a licensed broker with extensive experience. This broker provides Prime accounts for its clients. You can start trading stocks even if you have $100 starting capital, which is the best trading conditions you can find.

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