Cryptocurrency is a digital currency used within a decentralized digital economy. However, many people use the term cryptocurrency to describe any digital asset or currency without regard to its nature. For example, many gamers think of cryptocurrencies as gold for computer games.
In this sense, cryptocurrencies offer trust, transparency and security while overcoming financial exclusion. And that's something we all need in today's world.
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Cryptocurrency is a type of digital money or payment system. While cryptocurrencies are digital and decentralized, they're not anonymous. Instead, they rely on a blockchain to maintain a continuously growing list of ordered transactions. This makes it immutable and prevents fake transactions.
Cryptocurrencies are unique in that they're not issued by any nation or person but instead by code through blockchain technology. However, that doesn't make them completely anonymous or free from government control. Instead, cryptocurrencies follow the fundamental principle of cryptography and code auditing - these ensure that no one lurks on the blockchain as an administrator or hacker. As long as there's an internet connection, someone with sufficient technical skill can access any cryptocurrency address online. In addition, cryptocurrency transactions are traceable by default if someone has access to your wallet address- which can be done through hacking or requesting your private keys via phishing emails.
Although cryptocurrencies offer a number of benefits, they're not perfect either. For example, while they're digital and decentralized, they're not anonymous; nor are they inflationary or controlled by any single entity or nation. Instead, cryptocurrencies follow the principles of cryptography and governance with a team of users, developers, miners and wallet owners collectively making decisions democratically through forums and social media platforms such as Hive , Leofinance, Publishox,Reddit and Twitter. Whether you're pro-cryptocurrency or anti-, we all need to work towards reducing global cyber attacks against our systems and boosting global economies whether we're participating economically or not at all!
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Cryptocurrency helps in widening the scope of financial Inclusion. Since it's global and without borders, anyone, anywhere can participate and connect into the network.