Cryptocurrency is a type of digital or virtual currency that uses cryptography for security. Unlike traditional currencies issued by governments, cryptocurrencies operate on decentralized networks based on blockchain technology—a distributed ledger enforced by a network of computers.
The key features that have made Crypto popular in the recent days are-
Decentralization: They are not controlled by any central authority, making them immune to government interference or manipulation.
Blockchain: Transactions are recorded on a blockchain, which is a public, transparent, and tamper-proof ledger.
Anonymity: Transactions can be conducted anonymously, although the degree of anonymity varies by cryptocurrency.
Limited Supply: Many cryptocurrencies have a capped supply, which is often built into their code to prevent inflation. For example, Bitcoin has a maximum supply of 21 million coins.
Use Cases: Cryptocurrencies can be used for a variety of purposes, from online purchases to investment and trading.
Bitcoin was the first and remains the most well-known cryptocurrency, but there are thousands of other cryptocurrencies, each with unique features and use cases.
In summary, fintech and cryptocurrencies are intertwined in their quest to revolutionize and democratize financial services. The synergy between them is driving advancements that could reshape the financial landscape.
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