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People all over the world are getting alot of benefit through cryptocurrency but only few know the real definition of cryptocurrency which is why i am raising this question to know what you guys understand about crypto.
What is cryptocurrency?
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Well let's not make a mole out of a ant hill, cryptocurrency is simply digital asset, it's a currency that is in digital form and since the world is going digital it would be very important.
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So the digital asset is the essence of cryptocurrency but now it's a about profits and financial upliftment. I think we aren't using cryptocurrency properly as it stands
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To me crypto currency was just a token created for digital purchase values for softwares and app but later was renovated through a cryptographical protocols in other to meet an uninterrupted transaction between 2 users we now call decentralization.
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People all over the world are getting alot of benefit through cryptocurrency but only few know the real definition of cryptocurrency which is why i am raising this question to know what you guys understand about crypto.
What is cryptocurrency?
Cryptocurrency is a type of digital or virtual currency that uses cryptography for security.
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oba;18986 wrote:People all over the world are getting alot of benefit through cryptocurrency but only few know the real definition of cryptocurrency which is why i am raising this question to know what you guys understand about crypto.
What is cryptocurrency?Cryptocurrency is a type of digital or virtual currency that uses cryptography for security.
Yes, that's right, and it's made to function as a medium of exchange similarly to conventional currencies like the US dollar, euro, or yen, except that it only exists in the digital world.
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IyaJJJ;19137 wrote:oba;18986 wrote:People all over the world are getting alot of benefit through cryptocurrency but only few know the real definition of cryptocurrency which is why i am raising this question to know what you guys understand about crypto.
What is cryptocurrency?Cryptocurrency is a type of digital or virtual currency that uses cryptography for security.
Yes, that's right, and it's made to function as a medium of exchange similarly to conventional currencies like the US dollar, euro, or yen, except that it only exists in the digital world.
Cryptocurrencies are only available in electronic or digital form, represented by code, and kept in digital wallets. They lack a physical counterpart like coins or banknotes.
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oba;19138 wrote:IyaJJJ;19137 wrote:Cryptocurrency is a type of digital or virtual currency that uses cryptography for security.
Yes, that's right, and it's made to function as a medium of exchange similarly to conventional currencies like the US dollar, euro, or yen, except that it only exists in the digital world.
Cryptocurrencies are only available in electronic or digital form, represented by code, and kept in digital wallets. They lack a physical counterpart like coins or banknotes.
Blockchains are decentralized networks on which cryptocurrencies run. A distributed network of computers (nodes) spanning the entire planet maintains these networks.
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IyaJJJ;19139 wrote:oba;19138 wrote:Yes, that's right, and it's made to function as a medium of exchange similarly to conventional currencies like the US dollar, euro, or yen, except that it only exists in the digital world.
Cryptocurrencies are only available in electronic or digital form, represented by code, and kept in digital wallets. They lack a physical counterpart like coins or banknotes.
Blockchains are decentralized networks on which cryptocurrencies run. A distributed network of computers (nodes) spanning the entire planet maintains these networks.
This ensures that no single organization or authority has total control over the currency.
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oba;19140 wrote:IyaJJJ;19139 wrote:Cryptocurrencies are only available in electronic or digital form, represented by code, and kept in digital wallets. They lack a physical counterpart like coins or banknotes.
Blockchains are decentralized networks on which cryptocurrencies run. A distributed network of computers (nodes) spanning the entire planet maintains these networks.
This ensures that no single organization or authority has total control over the currency.
Advanced cryptographic methods are used by cryptocurrencies to secure transactions and regulate the creation of new units.
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Vastextension;19141 wrote:oba;19140 wrote:Blockchains are decentralized networks on which cryptocurrencies run. A distributed network of computers (nodes) spanning the entire planet maintains these networks.
This ensures that no single organization or authority has total control over the currency.
Advanced cryptographic methods are used by cryptocurrencies to secure transactions and regulate the creation of new units.
In order to safeguard the confidentiality and integrity of transactions and make them secure and impervious to fraud or tampering, encryption algorithms are used.
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full;19142 wrote:Vastextension;19141 wrote:This ensures that no single organization or authority has total control over the currency.
Advanced cryptographic methods are used by cryptocurrencies to secure transactions and regulate the creation of new units.
In order to safeguard the confidentiality and integrity of transactions and make them secure and impervious to fraud or tampering, encryption algorithms are used.
A blockchain transaction is difficult to change or reverse once it has been recorded there. An accurate and long-lasting record of all cryptocurrency transactions is made possible by their immutability.
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Vastextension;19143 wrote:full;19142 wrote:Advanced cryptographic methods are used by cryptocurrencies to secure transactions and regulate the creation of new units.
In order to safeguard the confidentiality and integrity of transactions and make them secure and impervious to fraud or tampering, encryption algorithms are used.
A blockchain transaction is difficult to change or reverse once it has been recorded there. An accurate and long-lasting record of all cryptocurrency transactions is made possible by their immutability.
Direct peer-to-peer transactions using cryptocurrency are possible without the use of middlemen like banks or payment processors.
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full;19145 wrote:Vastextension;19143 wrote:In order to safeguard the confidentiality and integrity of transactions and make them secure and impervious to fraud or tampering, encryption algorithms are used.
A blockchain transaction is difficult to change or reverse once it has been recorded there. An accurate and long-lasting record of all cryptocurrency transactions is made possible by their immutability.
Direct peer-to-peer transactions using cryptocurrency are possible without the use of middlemen like banks or payment processors.
If users have compatible wallets and access to the relevant blockchain network, they can send and receive money directly from anyone in the world.
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thrive;19146 wrote:full;19145 wrote:A blockchain transaction is difficult to change or reverse once it has been recorded there. An accurate and long-lasting record of all cryptocurrency transactions is made possible by their immutability.
Direct peer-to-peer transactions using cryptocurrency are possible without the use of middlemen like banks or payment processors.
If users have compatible wallets and access to the relevant blockchain network, they can send and receive money directly from anyone in the world.
There is a cap on the total number of coins that can ever be created for many cryptocurrencies, which means that there is a limited supply.
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Vastextension;19147 wrote:thrive;19146 wrote:Direct peer-to-peer transactions using cryptocurrency are possible without the use of middlemen like banks or payment processors.
If users have compatible wallets and access to the relevant blockchain network, they can send and receive money directly from anyone in the world.
There is a cap on the total number of coins that can ever be created for many cryptocurrencies, which means that there is a limited supply.
A sense of scarcity and value is created by this controlled or predictable supply, which also helps to prevent problems like inflation.
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full;19148 wrote:Vastextension;19147 wrote:If users have compatible wallets and access to the relevant blockchain network, they can send and receive money directly from anyone in the world.
There is a cap on the total number of coins that can ever be created for many cryptocurrencies, which means that there is a limited supply.
A sense of scarcity and value is created by this controlled or predictable supply, which also helps to prevent problems like inflation.
Although the main use of cryptocurrencies is as digital money, the blockchain technology that underpins them has found uses outside of the financial sector.
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joanna;19149 wrote:full;19148 wrote:There is a cap on the total number of coins that can ever be created for many cryptocurrencies, which means that there is a limited supply.
A sense of scarcity and value is created by this controlled or predictable supply, which also helps to prevent problems like inflation.
Although the main use of cryptocurrencies is as digital money, the blockchain technology that underpins them has found uses outside of the financial sector.
This covers topics like supply chain management, digital identity, voting systems, and decentralized finance (DeFi).
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Vastextension;19150 wrote:joanna;19149 wrote:A sense of scarcity and value is created by this controlled or predictable supply, which also helps to prevent problems like inflation.
Although the main use of cryptocurrencies is as digital money, the blockchain technology that underpins them has found uses outside of the financial sector.
This covers topics like supply chain management, digital identity, voting systems, and decentralized finance (DeFi).
Although there are now thousands of different cryptocurrencies, each with its own distinctive features and purposes, Bitcoin, created in 2009, was the first.
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full;19151 wrote:Vastextension;19150 wrote:Although the main use of cryptocurrencies is as digital money, the blockchain technology that underpins them has found uses outside of the financial sector.
This covers topics like supply chain management, digital identity, voting systems, and decentralized finance (DeFi).
Although there are now thousands of different cryptocurrencies, each with its own distinctive features and purposes, Bitcoin, created in 2009, was the first.
It's critical to remember that cryptocurrencies are a complicated and dynamic industry, and that each country may have different legal and regulatory frameworks.
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thrive;19152 wrote:full;19151 wrote:This covers topics like supply chain management, digital identity, voting systems, and decentralized finance (DeFi).
Although there are now thousands of different cryptocurrencies, each with its own distinctive features and purposes, Bitcoin, created in 2009, was the first.
It's critical to remember that cryptocurrencies are a complicated and dynamic industry, and that each country may have different legal and regulatory frameworks.
Before using any cryptocurrency, it is always advisable to educate yourself about its unique features, potential dangers, and rules.
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Vastextension;19153 wrote:thrive;19152 wrote:Although there are now thousands of different cryptocurrencies, each with its own distinctive features and purposes, Bitcoin, created in 2009, was the first.
It's critical to remember that cryptocurrencies are a complicated and dynamic industry, and that each country may have different legal and regulatory frameworks.
Before using any cryptocurrency, it is always advisable to educate yourself about its unique features, potential dangers, and rules.
Well not only educating yourself with the materials that some of this projects provides it's best to always do your own investigation outside what the project has to offer.
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To me crypto currency was just a token created for digital purchase values for softwares and app but later was renovated through a cryptographical protocols in other to meet an uninterrupted transaction between 2 users we now call decentralization.
This a natural space of crypto definitions and i believe you literally know about the history of crypto, in as much that the crypto coin doesn't with one person but actually was invented through and anonymous developer.
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gap;19085 wrote:To me crypto currency was just a token created for digital purchase values for softwares and app but later was renovated through a cryptographical protocols in other to meet an uninterrupted transaction between 2 users we now call decentralization.
This a natural space of crypto definitions and i believe you literally know about the history of crypto, in as much that the crypto coin doesn't with one person but actually was invented through and anonymous developer.
The definition of cryptocurrency is definite but the way many people see cryptocurrency can differ because we all have our difference.
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Europ;19247 wrote:gap;19085 wrote:To me crypto currency was just a token created for digital purchase values for softwares and app but later was renovated through a cryptographical protocols in other to meet an uninterrupted transaction between 2 users we now call decentralization.
This a natural space of crypto definitions and i believe you literally know about the history of crypto, in as much that the crypto coin doesn't with one person but actually was invented through and anonymous developer.
The definition of cryptocurrency is definite but the way many people see cryptocurrency can differ because we all have our difference.
Well to every true cryptocurrency enthusiast, cryptocurrency can be viewed as a special alternative that provides personal freedom other than the slavery the government has put us into
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