Finance: Introduction to Cryptocurrency
Cryptocurrency, sometimes called crypto, is any form of currency that exists digitally or virtually and uses cryptography to secure transactions. Cryptocurrency is a digital payment system that doesn't rely on banks to verify transactions. Instead of banknotes or coins, cryptocurrency payments exist completely as digital entries in an online database. It is a peer-to-peer system, enabling people to send and receive payments globally without any centralized authority. (A peer-to-peer system is a computer network that enables peers to share network resources, in a decentralized manner). Cryptocurrency is stored in digital “wallets” that are secured with strong encryption. Cryptocurrency received its name because it uses encryption (crypto) to verify transactions. This means advanced coding is involved in storing and transmitting cryptocurrency data between wallets and to public ledgers. Encryption aims to provide security and safety. Cryptocurrencies function on a distributed...