Cryptocurrency - Page 497
Cryptocurrency is a type of digital or virtual currency that uses cryptography for security. It operates on decentralized networks based on blockchain technology, which is a distributed ledger that records all transactions across a network of computers. Cryptocurrencies are typically not controlled by any central authority, making them theoretically immune to government interference or manipulation. They are designed to work as a medium of exchange, where users can send and receive funds without the need for intermediaries like banks. Bitcoin, created in 2009, was the first and remains the most well-known cryptocurrency; however, thousands of alternative cryptocurrencies, or altcoins, have since emerged, each with unique features and use cases. Cryptocurrencies can be used for various purposes, including online purchases, investment, remittances, and as a means to transfer value across borders. The volatility of cryptocurrency markets and their regulatory environment are significant aspects of their ecosystem.
