What are Cryptocurrencies in Digital World?
Technology & Science / June 16, 2018

Cryptocurrencies have increasingly become all the rage in digital currency market. Although blockchain’s decentralise and unregulated platform has resulted in the creation of hundreds of new cryptocurrencies, this has also led to the digital currency market becoming somewhat unstable. Over the past couple of years, popular cryptocurrencies such as Bitcoin, Ethereum, Monero, and ZCash, among others saw massive fluctuations in their value. Cryptocurrency is a type of digital currency that uses cryptography for security and anti-counterfeiting measures. Public and private keys are often used to transfer cryptocurrency between individuals. Basic Overview of Cryptocurrencies A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. Essentially, cryptocurrencies are limited entries in a database that no one can change unless specific conditions are fulfilled. As a counter-culture movement that is often connected to cypherpunks, cryptocurrency is essentially a fiat currency. This means users must reach a consensus about cryptocurrency’s value and use it as an exchange medium. However, because it is not tied to a particular country, its value is not controlled by a central…

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