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About cryptocurrency

Cryptocurrency is a type of digital or virtual money that controls the creation of new units while using encryption techniques to safeguard and verify transactions.

The first cryptocurrency, Bitcoin, was developed in 2009 under the pseudonym Satoshi Nakamoto by an unidentified person or group of individuals.

Cryptocurrencies are decentralised and give people more power over their money because they operate independently of central banks and governments.

Cryptocurrency transactions are tracked on a blockchain, a public database that guarantees transparency and immutability.

Important points

Cryptocurrencies can be purchased and traded on exchanges, and because of variables like market demand and legislative changes, their value may fluctuate greatly.

Although cryptocurrencies have been used for licit purposes like remittances and cross-border payments, they have also been linked to criminal activities like money laundering and drug trafficking.

Other blockchain-based applications, including smart contracts, decentralised finance (DeFi), and non-fungible tokens (NFTs), have been developed as a result of the emergence of cryptocurrencies.

Some individuals believe that cryptocurrencies could eventually replace conventional fiat currencies,