What is Cryptocurrency?
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A cryptocurrency is a coded string of data representing a currency unit. Peer-to-peer networks called blockchains monitor and organize cryptocurrency transactions, such as buying, selling, and transferring, and also serve as secure ledgers of transactions.
By utilizing encryption technology, cryptocurrencies can serve as both a currency and an accounting system. A cryptocurrency is a digital or virtual currency that is meant to be a medium of exchange.
It is quite similar to real-world currency, except it does not have any physical embodiment, and it uses cryptography to work because cryptocurrencies operate independently and in a decentralized manner, without a bank or a central authority, new units can be added only after certain conditions are met.
For example, with Bitcoin, only after a block has been added to the blockchain will the miner be rewarded with bitcoins, and this is the only way new bitcoins can be generated. The limit for bitcoins is 21 million; after this, no more bitcoins will be produced.
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Largest cryptocurrencies by market cap
Bitcoin (BTC) Price: $16,314. Market cap: $313 billion.
Ethereum (ETH) Price: $1,216. Market cap: $149 billion.
Tether (USDT) Price: $1.00.
USD Coin (USDC) Price: $1.00.
BNB (BNB) Price: $273.
Binance USD (BUSD) Price: $1.00.
XRP (XRP) Price: $0.3545.
Dogecoin (DOGE) Price: $0.08423.
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Benefits of Cryptocurrency
With cryptocurrency, the transaction cost is low to nothing at all—unlike, for example, the fee for transferring money from a digital wallet to a bank account. You can make transactions at any time of the day or night, and there are no limits on purchases and withdrawals.
And anyone is free to use cryptocurrency, unlike setting up a bank account, which requires documentation and other paperwork.
International cryptocurrency transactions are faster than wire transfers too. Wire transfers take about half a day for the money to be moved from one place to another. With cryptocurrencies, transactions take only a matter of minutes or even seconds.
