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    Cryptocurrency

    Uploaded by

    Maya D.
    Cryptocurrency is a digital currency secured by cryptography, making it nearly impossible to counterfeit. Examples include Bitcoin and Litecoin, which use blockchain technology to record transactions in a way that cannot be altered. Cryptocurrencies operate through peer-to-peer networks without central authorities like banks, and their values can fluctuate greatly. While this decentralization provides some advantages, it also enables anonymity that could facilitate criminal activity.

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    Cryptocurrency

    Uploaded by

    Maya D.
    12 views2 pages
    Cryptocurrency is a digital currency secured by cryptography, making it nearly impossible to counterfeit. Examples include Bitcoin and Litecoin, which use blockchain technology to record transactions in a way that cannot be altered. Cryptocurrencies operate through peer-to-peer networks without central authorities like banks, and their values can fluctuate greatly. While this decentralization provides some advantages, it also enables anonymity that could facilitate criminal activity.

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    Cryptocurrency is a digital currency secured by cryptography, making it nearly impossible to counterfeit. Examples include Bitcoin and Litecoin, which use blockchain technology to record transactions in a way that cannot be altered. Cryptocurrencies operate through peer-to-peer networks without central authorities like banks, and their values can fluctuate greatly. While this decentralization provides some advantages, it also enables anonymity that could facilitate criminal activity.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    12 views2 pages

    Cryptocurrency

    Uploaded by

    Maya D.
    Cryptocurrency is a digital currency secured by cryptography, making it nearly impossible to counterfeit. Examples include Bitcoin and Litecoin, which use blockchain technology to record transactions in a way that cannot be altered. Cryptocurrencies operate through peer-to-peer networks without central authorities like banks, and their values can fluctuate greatly. While this decentralization provides some advantages, it also enables anonymity that could facilitate criminal activity.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    Cryptocurrency

    Cryptocurrency is a digital or virtual currency that is secured by cryptography, which


    makes it nearly impossible to counterfeit or double-spend.
    Cryptocurrency is another type of decentralised system. Well known examples are
    Bitcoin and LiteCoin. Some cryptocurrencies, like these, are tracked using systems
    such as blockchain.

    💡 Blockchain technology is a method of recording information in a way that


    makes it impossible or difficult for the system to be changed, hacked or
    manipulated.
    Each block in the chain contains a list of transactions, and once added, it
    cannot be altered without changing subsequent blocks. This makes the
    blockchain highly secure and tamper-resistant, eliminating the need for
    intermediates like banks to verify transactions.

    Cryptocurrencies are also a type of peer-to-peer electronic monetary system. this


    type of payment system is designed to allow peers to send electronic payments to
    each other without the need for it to go through a central body, such as a financial
    institution (banks).
    The value of cryptocurrency can often fluctuate a great deal.

    📌 In 2011, 1 bitcoin was worth 1 US dollar. At the end of 2017, 1 bitcoin was
    worth close to 20,000 US dollars. In 2018, it’s value fell again and was
    worth approximately 6000 US dollars.

    Many people use bitcoin to buy and sell items over the internet.
    Some support the use of a decentralised currency, as it allows people, especially
    businesses, to make payments that do not involve the usual charges that are applied
    by banks in a centralised system. Others have a more controversial stance, as they
    believe it can allow a level anonymity in payments, meaning that criminal activity is
    difficult to trace.

    Cryptocurrency 1
    The growth of cryptocurrency has proved troubling to banks around the world.
    Businesses have began to use it more, preferring the free nature with which they can
    exchange the currency.
    This is a threat to traditional banks offering traditional methods, as they rely on the
    fees generated and the cash input from businesses to survive. This has lead to some
    banks considering creating their own cryptocurrency.

    Advantages Disadvantages

    The usual charges that can apply to bank The decentralised systems allow a level of
    transactions are not present for anonymity that some believe encourages
    cryptocurrency. criminal activity and allows it to go untraced.

    People are able to invest in bitcoin and Businesses have been hacked and had bitcoin
    possibly make money if they can sell it for a stolen. As the system is decentralised, there is
    higher rate. no bank to help solve this kind of theft.

    It is very difficult to create counterfeit


    Volatile, which can lead to substantial gains or
    currency for a cryptocurrency, due to all the
    losses for investors.
    security it involves.

    Operate independently of any central Despite their potential, cryptocurrencies are not
    authority, allowing for a more democratic yet widely accepted as a medium of exchange
    and transparent financial ecosystem. for everyday transactions.

    Accessible to anyone with an internet


    connection, providing financial services to
    unbanked populations around the world.

    Cryptocurrency 2

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