Cryptocurrency transactions require minimal processing fees, which allows users to avoid the large fees charged by most banks and financial institutions.
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The best-known cryptocurrencies are Bitcoin Ethereum and Ripple.
The word crypto comes from the Greek “cryptos” and means secret and hidden. It points to the cryptographic encryption of all components of the currencies. Cryptocurrencies such as Bitcoin Ethereum or Litecoin use their own blockchain. According to the Financial Market Authority, cryptocurrencies are split into three distinct categories:
Security Token (STO)
What is Cryptocurrency?
The best thing about them is that they are not issued by a central authority, which makes them immune to government interferance or manipulation.
Bitcoin is the first blockchain-based cryptocurrency, but there are also thousands of different cryptocurrencies with various functions.
Secure Online Payments
When somebody wants to make a transaction, they use crypto wallet to transfer funds from one account to another. But in order to do the transfer, they have to know the „private key“ of the account they want to send to. Every cryptocurrency transaction is encrypted, and they are recorded on the public ledger via so called „mining“ process.
The Future of Cryptocurrencies
Over the last two years, various mechanisms for cryptocurrency purchase and usage have been developed, and the governments have taken interest in it’s activity.
Cryptocurrencies are here to stay. The only question is how fast will it’s pace of development, integration and the adoption be.
The Most Popular Cryptocurrency
Bitcoin is a decentralized system which allows users to trade while being completely anonymous, and without the rules of some financial institutions.
New Bitcoins are generated by computer solving extremely hard math problems – This process is called mining.
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