What is cryptocurrency and how does it work.

Apr 19 , 2021

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Pedro Massiah

What is cryptocurrency and how does it work.

 Let’s dive into the topic of Cryptocurrency.

 Picture of Crypto coins. Bitcoin, Ethereum

cryptocurrency is a type of currency which uses digital files as money.

Usually, the files are created using the same methods as cryptography (the science of hiding information).

Cryptocurrencies use 'decentralized control', which means that they aren't controlled by one person or government.

Cryptocurrency is a form of payment that can be exchanged online for goods and services. ... Cryptocurrencies work using a technology called blockchain. Blockchain is a decentralized technology spread across many computers that manages and records transactions. Part of the appeal of this technology is its security.

Cryptocurrency can be converted to cash.

A common way to cash out your coin is through a third-party exchange, such as Coinbase, Kraken, or Bitstamp. Most cryptocurrency exchanges have reasonable fees and security measures in place to help you turn your cryptocurrency into cash without putting your assets at risk.

 

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