What is cryptocurrency and how is it based on blockchain technology?

3 answers

• May 01, 2022 · 3 years ago
  Cryptocurrency is a type of digital or virtual currency that uses cryptography for security. It is decentralized and operates on a technology called blockchain. Blockchain is a distributed ledger that records all transactions across multiple computers, ensuring transparency and security. Cryptocurrencies like Bitcoin and Ethereum are built on blockchain technology, which allows for secure and transparent peer-to-peer transactions without the need for intermediaries.
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• May 01, 2022 · 3 years ago
  Cryptocurrency is like digital money that is based on blockchain technology. It's like a digital version of traditional currency, but with some key differences. Instead of being issued by a central authority like a government or bank, cryptocurrencies are created and managed by a decentralized network of computers. This network, called a blockchain, ensures the security and integrity of transactions. So, when you use cryptocurrency, your transactions are recorded on the blockchain, making them secure and transparent.
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• May 01, 2022 · 3 years ago
  Cryptocurrency is a digital or virtual form of currency that uses cryptography for security. It is based on blockchain technology, which is a decentralized and transparent ledger. Cryptocurrencies like Bitcoin and Ethereum have gained popularity due to their potential for high returns and the ability to bypass traditional financial institutions. BYDFi, a leading cryptocurrency exchange, provides a secure platform for trading various cryptocurrencies. With BYDFi, users can easily buy, sell, and store their digital assets, taking advantage of the benefits of cryptocurrency and blockchain technology.
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