Cryptocurrency is a digital or virtual form of currency that utilizes cryptography for security and operates on decentralized networks, typically based on blockchain technology. Here are some key basics to help you grasp the fundamentals of cryptocurrencies.
Unlike traditional fiat currencies, which are controlled by governments and financial institutions, cryptocurrencies operate on decentralized networks. This means they are not controlled by any single entity, providing greater transparency and security.
Cryptocurrencies are built on blockchain technology, which is a distributed ledger system that records all transactions across a network of computers. Each transaction is cryptographically secured and verified by network participants, making it tamper-proof and immutable.
