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Understanding Cryptocurrency


A cryptocurrency is a virtual or digital currency that is protected by cryptography, making counterfeiting and double spending nearly impossible. Many cryptocurrencies are built on block chain technology. Block chain is a distributed ledger implemented by a distributed network of computers. These digital currencies are characterized by the fact that they are not distributed by any centralized authority, making them unaffected by government control or exploitation. A cryptocurrency is a form of digital asset that is built on a network that spans a large number of computers.

They are able to operate outside of the influence of governments and central authority because of their decentralized nature. The term cryptocurrency comes from the encryption method used to keep the network secure. Many of these cryptocurrencies rely so much on block chains, which are organizational methods for ensuring the integrity of transactional data. Block chain and related technologies, according to analysts would disrupt many sectors, including finance and law. Cryptocurrency have been berated for many reasons, including their use for illicit activity, exchange range fluctuation, and infrastructure that underpins them becoming fragile. Their portability, divisibility, inflation tolerance, and openness, in the other hand have been commended.