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Crypto Currencies

Cryptocurrencies are digital currencies secured by cryptography that enable peer-to-peer transactions without intermediaries like banks. They operate on decentralized blockchain networks and include thousands of different currencies, with Bitcoin being the most notable. Despite their growing popularity and potential to disrupt various industries, cryptocurrencies face skepticism due to price volatility and regulatory issues.

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Shiveshz Gupta
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32 views1 page

Crypto Currencies

Cryptocurrencies are digital currencies secured by cryptography that enable peer-to-peer transactions without intermediaries like banks. They operate on decentralized blockchain networks and include thousands of different currencies, with Bitcoin being the most notable. Despite their growing popularity and potential to disrupt various industries, cryptocurrencies face skepticism due to price volatility and regulatory issues.

Uploaded by

Shiveshz Gupta
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Cryptocurrencies

Cryptocurrencies are digital or virtual currencies secured by cryptography, which enable peer-
to-peer transactions without the need for banks or central authorities. They operate on
decentralized networks using blockchain technology—a public ledger of transactions maintained
by multiple participants. The first and most well-known cryptocurrency is Bitcoin, introduced in
2009. Unlike traditional money, cryptocurrencies exist as digital entries and are stored in digital
wallets, with ownership represented by cryptographic keys. Transactions and new coin creation
are recorded and verified through consensus mechanisms like proof of work or proof of stake.
There are thousands of cryptocurrencies today, with a combined market capitalization in the
trillions of dollars, and new applications of the technology continue to emerge [1] [2] [3] .
Key aspects include:
They do not rely on banks or governments for transaction verification.
Security is ensured through advanced encryption techniques.
Transactions are recorded on an immutable distributed ledger called blockchain.
Units are often created through mining, involving computational problem-solving.
Cryptocurrencies are used both for payments and speculative investment.
They exhibit significant price volatility and have varying legal classifications.
Many cryptocurrencies exist with differing features and market values, for example Bitcoin,
Ethereum, XRP, and Tether are among the largest by market cap [1] [4] [2] [3] .
Despite growing usage and interest, cryptocurrencies face skepticism regarding their ability to
replace traditional currencies due to volatility and regulatory concerns. They are also noted for
their potential to disrupt industries beyond finance through blockchain technology
applications [5] [3] [6] .
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