Cryptocurrency is a digital or virtual form of currency that uses cryptography for security. It operates on decentralized networks based on blockchain technology, which is a distributed ledger enforced by a network of computers (often referred to as nodes). This decentralization makes cryptocurrencies resistant to central authority manipulation or interference.
Cryptocurrencies are typically designed to work as a medium of exchange, where users can buy goods and services, or trade them for profit. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are usually not backed by physical assets or a centralized issuing body. Instead, their value is determined by market supply and demand dynamics.
Bitcoin, created in 2009, was the first cryptocurrency and remains the most widely recognized. There are thousands of other cryptocurrencies, each with unique features and purposes. Some of the broader categories include altcoins, stablecoins, and utility tokens, each with varying degrees of stability, use cases, and underlying technology.
Key characteristics of cryptocurrencies include anonymity, pseudo-anonymity, and transparency of transactions, which are recorded in a public ledger. This combination offers users both privacy and a high level of trust in the system’s integrity.
### Crypto Businessman's Ordeal In a startling incident that has captivated the public, a prominent figure in the cryptocurrency sector was kidnapped alongside his partner, only to be rescued by…