Cryptocurrency is a form of digital or virtual currency whose security is founded on a process called cryptography—a process making double spending and counterfeiting very hard to do. It simply is a digital currency that uses a distributed, peer-to-peer approach to operations, relying on cryptography to secure and verify transactions and is based on blockchain technology.
The first and most famous cryptocurrency is Bitcoin, created in 2009, which spawned a plethora of other digital currencies at times called altcoins. What attracts people to cryptocurrencies is the potential for high returns, transparency, and the possibility of decentralization outside the central control of governments—although they also go with significant risks in the line of high volatility, regulatory uncertainty, and security challenges.
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