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Crypto

The document discusses cryptocurrencies including Bitcoin. It defines cryptocurrency as a collection of binary data designed to work as a medium of exchange where coin ownership is recorded in a distributed ledger using cryptography. It notes that cryptocurrencies are generally decentralized and not backed by physical assets. The document also provides details on Bitcoin, the first cryptocurrency, describing its open-source software release in 2009 and peer-to-peer transaction verification.

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35 views1 page

Crypto

The document discusses cryptocurrencies including Bitcoin. It defines cryptocurrency as a collection of binary data designed to work as a medium of exchange where coin ownership is recorded in a distributed ledger using cryptography. It notes that cryptocurrencies are generally decentralized and not backed by physical assets. The document also provides details on Bitcoin, the first cryptocurrency, describing its open-source software release in 2009 and peer-to-peer transaction verification.

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hey hi
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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A cryptocurrency, crypto-currency, or crypto is a collection of binary data which is designed

to work as a medium of exchange. Individual coin ownership records are stored in a ledger, which is a
computerized database using strong cryptography to secure transaction records, to control the creation
of additional coins, and to verify the transfer of coin ownership.Cryptocurrencies are generally fiat
currencies, as they are not backed by or convertible into a commodity.Some crypto schemes use
validators to maintain the cryptocurrency. In a proof-of-stake model, owners put up their tokens as
collateral. In return, they get authority over the token in proportion to the amount they stake. Generally,
these token stakers get additional ownership in the token over time via network fees, newly minted
tokens or other such reward mechanisms.

Cryptocurrency does not exist in physical form (like paper money) and is typically not issued
by a central authority. Cryptocurrencies typically use decentralized control as opposed to a central bank
digital currency (CBDC).When a cryptocurrency is minted or created prior to issuance or issued by a
single issuer, it is generally considered centralized. When implemented with decentralized control, each
cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a
public financial transaction database.

Bitcoin was first released as open-source software in 2009, is the first decentralized
cryptocurrency.Since the release of bitcoin, many other cryptocurrencies have been created kike bitcoin .

Bitcoin is a decentralized digital currency, without a central bank or single administrator,


that can be sent from user to user on the peer-to-peer bitcoin network without the need for
intermediaries.Transactions are verified by network nodes through cryptography and recorded in a
public distributed ledger called a blockchain. The cryptocurrency was invented in 2008 by an unknown
person or group of people using the name Satoshi Nakamoto.The currency began use in 2009 when its
implementation was released as open-source software.

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