A digital or virtual currency that uses cryptography for security and operates independently of a central bank. It uses decentralized technology, known as blockchain, to facilitate secure and transparent transactions without the need for intermediaries such as banks or financial institutions. Unlike traditional currencies, a central authority does not regulate cryptocurrency, meaning it is not subject to government or financial institution control.
The most well-known cryptocurrency is Bitcoin, but thousands of different cryptocurrencies are now available. Cryptocurrencies are generally bought and sold on cryptocurrency exchanges, and their value can fluctuate widely based on market demand.
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