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  What Is Cryptocurrency? Here’s What You Should Know With cryptocurrencies, you can buy goods and services or trade for a profit. Here you can learn more about what cryptocurrencies are, how to buy them, and how to protect yourself. Image Credit- India.com Cryptocurrency is digital currency that can be used to buy goods and services, but uses online books with strong cryptography to protect online transactions. Much of the interest in these unregulated currencies is to trade for profit, with speculators sometimes raising prices. What are cryptocurrencies? Cryptocurrency is a form of payment that can be exchanged for goods and services online. Many companies have issued their own currency, often referred to as a token, and they can be traded specifically for the products or services the company offers. Think of it as arcade tokens or casino chips. You need to convert real currency to cryptocurrency to access the product or service. Cryptocurrencies use a technology called blockchai...

WHAT IS BITCOIN? Image Credit - Bloomberg Bitcoin is a decentralized digital currency created in January 2009. He follows the ideas outlined in the whitepaper under his mysterious pen name Satoshi Nakamoto.  The identity of the person or people who developed the technology is still a mystery. Bitcoin promises lower transaction fees than traditional online payment mechanisms and, unlike government-issued currencies, is managed by a decentralized institution. Bitcoin is known as a type of cryptocurrency because it uses cryptography to keep it safe. There are no physical bitcoins, only balances stored in a public ledger that can be accessed by everyone transparently (even though every record is encrypted). All Bitcoin transactions are verified by a large amount of computing power through a process known as "mining". Bitcoins are not issued or backed by banks or governments, nor is a single Bitcoin valuable as a commodity. Although Bitcoin is not legal tender in most parts of the...