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What is a Cryptocurrency?
Simple stated, Cryptocurrency is a new form of digital money. Bitcoin.
The first decentralized cryptocurrency was released in 2009.
Many other cryptocurrencies like Ethereum, Litecoin etc. have been created since.
As compared to traditional money what sets cryptocurrency apart is the blockchain technology behind them.
In simple terms, blockchains are used for recording transactions made with cryptocurrencies.
They are extremely secure as the transactions are encrypted with 256-bit cryptographic keys.
Some advantages of cryptocurrencies over traditional money are:
They are more secure, transparent and incur extremely less transaction fees.
Cryptocurrencies are currently not legally accepted everywhere.
If they become legal, we will be able to use them to pay for stuff just like we do with traditional money.
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