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Cryptocurrency is any digital store of value that one can exchange for goods and services. Bitcoin is the oldest and most well-known example of a digital currency, invented by a person or persons using the pseudonym “Satoshi Nakamoto” in 2009. Since then, many cryptocurrencies have emerged as alternatives with unique features or use cases to distinguish themselves from the original Bitcoin..
Cryptocurrency was initially conceived as a way of as a virtual currency and alternative form of payment versus traditional banking.
All cryptocurrency transactions are recorded on a blockchain public ledger. These ledgers are known as decentralized networks. You can think of a blockchain similar to your account history on an online bank account.
All cryptocurrency transactions are recorded on a blockchain public ledger. These ledgers are known as decentralized networks. You can think of a blockchain similar to your account history on an online bank account.
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Blockchain technology is often described as “hack-proof” because any hacker would need to modify all blocks simultaneously to ensure that the chain was in agreement. While no blockchain has been successfully hacked to date, there have been instances where hackers have been able to siphon virtual assets from wallets.
Blockchain technology is often described as “hack-proof” because any hacker would need to modify all blocks simultaneously to ensure that the chain was in agreement. While no blockchain has been successfully hacked to date, there have been instances where hackers have been able to siphon virtual assets from wallets.
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