A crypto currency is a decentralized virtual currency that is protected by cryptography and exists on a distributed ledger called the blockchain.
While all digital and most virtual currencies are centralized with supply controlled by the developer of the currency, cryptocurrencies such as Bitcoin are decentralized and not created or controlled by a single, central entity. Therefore, supply and value of cryptocurrency is determined by demand.
Blockchain technology refers to a structure that helps store transactional records or blocks in databases, known as the “chain,” in a network of peer-to-peer node connections. This makes counterfeiting and double spending of cryptocurrencies virtually impossible. This storage is typically referred to as a ‘digital ledger’.
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