Cryptocurrency is a digital and virtual currency that is secured by cryptography, making it almost impossible to fake or double spend. Many cryptocurrencies are decentralized networks based on blockchain technology – a distributed ledger implemented by a separate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, which theoretically gives them immunity from government interference or manipulation.
With bitcoin, each transaction is added to a “block“, which is then added to the end of a series of blocks, a “blockchain“, and no one tampering with the previous block once it is confirmed. Can. This is done through robust cryptography using something called SHA-256 cryptographic hash function.
What Are Cryptocurrencies?
Cryptocurrencies are systems that allow online secure payment, represented as virtual “tokens“, represented by internal ledger entries in the system. “Crypto” refers to various encryption algorithms and cryptographic techniques that protect these entries, such as elliptic curve encryption, public-private key pairs, and hashing functions.
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