Computer Science : S5 : L4 : Digital Currencies

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6 Terms

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Digital Currency

Any currency recorded and transferred on computers, used for payments without physical cash movement.

2
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Cryptocurrency

Decentralized digital currency using cryptography for transactions, not widely accepted but gaining popularity.

3
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Central Banking System

System where digital currencies rely on money transfer through central banks, posing risks of interception and security.

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Blockchain

Digital ledger ensuring security in cryptocurrency transactions, each block containing numerous transactions with unique hash values.

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Mining

Process of creating and adding new blocks to the blockchain, making transactions irreversible once added.

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Distributed Ledger

Every person on the network receives a copy of the blockchain, ensuring data integrity and trustworthiness through verification.