What Is Cryptocurrency?1
A cryptocurrency is a digital or virtual currency secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Most cryptocurrencies exist on decentralized networks using blockchain technology—a distributed ledger enforced by a disparate network of computers.
A defining feature of cryptocurrencies https://www.investopedia.com/terms/c/cryptocurrency.aspis that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.
KEY TAKEAWAYS
- A cryptocurrency is a form of digital asset based on a network that is distributed across a large number of computers. This decentralized structure allows them to exist outside the control of governments and central authorities.
- Some experts believe blockchain and related technologies will disrupt many industries, including finance and law.
- The advantages of cryptocurrencies include cheaper and faster money transfers and decentralized systems that do not collapse at a single point of failure.
- The disadvantages of cryptocurrencies include their price volatility, high energy consumption for mining activities, and use in criminal activities.
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