Cryptocurrency is a digital or virtual currency that works through a computer network, allowing peer-to-peer transactions without the need for middlemen like banks. They’re often built using blockchain technology, which creates a secure record of transactions on a ledger that can be viewed by anyone. Some experts believe the technology could be used to disrupt many industries, including finance and law.

What is Cryptocurrency and how does it work Alice sends 1 unit of cryptocurrency to Bob, the transaction is recorded on the crypto system’s public ledger (also called a block) in a matter of seconds. Each transaction is linked to a private key and a public key, which are the equivalent of the routing and account numbers on your bank account. You may use these keys to access your crypto wallet, which is a kind of digital bank app. Your wallet also encrypts your transactions so that only you can read them, which gives you some degree of privacy.

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The value of a cryptocurrency is determined by how useful people expect it to be in the future, how much other people want to own it, and its supply. Some cryptocurrencies are pegged to the value of real-world assets or other currencies. Others, such as bitcoin, are largely speculative. Prices can be volatile, which can boost or damage portfolios depending on how quickly they rise or fall.

You can buy and sell cryptocurrencies on exchanges, which are businesses that let you buy and sell at current market prices, similar to how you might trade stocks. Some exchanges manage your coins for you, while others require you to keep your own off-platform wallet where you can control and monitor your own private keys.…