What is cryptocurrency?

Cryptocurrency, is a form of digital or electronic currency that utilizes encryption techniques to serve as a substitute form for the traditional mode of payment. As it leverages the encryption technology, it is able to act as a virtual accounting system that operates electronically, while also functioning as a medium of trade. To use cryptocurrencies, you need a wallet specific for cryptocurrency. These wallets could be programs that you download on your PC, smartphone, or cloud storage. The wallets then help with storing information which is encrypted, helping to exclusively bind you to your bitcoin, framing a unique identity that helps in verification of all transactions carried out.

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