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A cryptocurrency is a digital or virtual currency secured by cryptography, making it nearly impossible to counterfeit or double-spend. Here are some key points:
Decentralization: Most cryptocurrencies operate on decentralized networks using blockchain technology. This means they exist outside the control of governments and central authorities.
No Central Issuer: Cryptocurrencies are generally not issued by any central authority, making them theoretically immune to government interference or manipulation.
Advantages:
Cheaper and Faster Transactions: Cryptocurrencies enable quicker and more cost-effective money transfers compared to traditional banking systems.
Resilience: Decentralized systems don’t collapse at a single point of failure.