What is Cryptocurrency?
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Last updated 2:01 AM on 1/7/23
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9 Terms
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Cryptocurrency
a fully digital form of money that is not backed by banks and uses the blockchain and "the ledger" and to secure and trasnfer
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Blockchain
a distributed database or ledger that is shared among the modes of a computer network
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Bitcoin
the most popular and valuable cryptocurrency created in the wake of the 2008 market crash
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Advantages
1. "easy" money transfer
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2. faster transactions
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3. great potential for profit
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Disadvantages
1. it leaves an immutable digital footprint (Hash)
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2. is frequently used in criminal activity and scams
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3. due to it's lack of backing, it's basically gambling
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