What is Cryptocurrency

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Cryptocurrency
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What is Cryptocurrency

• A digital or virtual currency that uses
  cryptography for security. A cryptocurrency is
  difficult to counterfeit because of this security
  feature.

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Monetary Properties

• Controlled supply All cryptocurrencies control
  the supply of the token by a schedule written in
  the code.
• No debt but bearer Cryptocurrencies dont
  represent debts. They just represent themselves.
  They are money as hard as coins of gold.

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Transactional Properties

• Irreversible After confirmation, a transaction
  cant be reversed. 
• Pseudonymous You receive Bitcoins on so-called
  addresses, which are randomly generated.
• Fast and global Transactions are indifferent of
  physical location.
• Secure Only the owner of the private key can
  send cryptocurrency.
• Permissionless  Its just a software that
  everybody can download for free. No one can
  prevent you.

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How Does Cryptocurrency Work?

• Cryptocurrency uses blockchain technology.
• Blockchain data is secured through cryptography.
  Each participant has their own private key that
  is assigned to the transactions and it acts as a
  digital signature. If a record is altered, the
  digital signature will become invalid and the
  network will come to know that something has
  happened. 
• Blockchain stores transaction information across
  vast networks of computers that continuously
  check and verify information with each other.

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Cryptocurrencies Examples

• Bitcoin
• Ethereum
• Litecoin
• Monero
• Ripple
• Dogecoin
• Zcash
• IOTA
• NEM

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Benefits

• Can transfer funds without the need of bank or
  any other finance company.
• Minimal processing fees.
• Cryptocurrencies are digital. Hence cannot be
  counterfeited.
• Immediate settlement.
• Cryptocurrency makes international trade more
  accessible by removing barriers.

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