WHAT IS CRYPTOCURRENCY
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USES CRYPTOGRAPHICAL FUNCTIONS
Cryptocurrency is an internet-based medium of exchange which uses cryptographical functions to conduct financial transactions. Cryptocurrencies leverage blockchain technology to gain decentralization, transparency, and immutability.
NOT CONTROLLED BY CENTRAL AUTHORITY
The most important feature of a cryptocurrency is that it is not controlled by any central authority: the decentralized nature of the blockchain makes cryptocurrencies theoretically immune to the old ways of government control and interference.
SENT DIRECTLY BETWEEN TWO PARTIES
Cryptocurrencies can be sent directly between two parties via the use of private and public keys. These transfers can be done with minimal processing fees, allowing users to avoid the steep fees charged by traditional financial institutions.
WHAT CAN YOU DO WITH CRYPTOCURRENCY
ACCEPT AS PAYMENT
WHAT IS SPECIAL ABOUT CRYPTOCURRENCY
FAST AND GLOBAL
Transactions are propagated nearly instantly in the network and are confirmed in a couple of minutes.
Cryptocurrency funds are locked in a public key cryptography system. Only the owner of the private key can send cryptocurrency.
Neither transactions nor accounts are connected to real-world identities. You receive Bitcoins on so-called addresses, which are randomly seeming chains of around 30 characters.
After confirmation, a transaction can‘t be reversed. By nobody.
You don‘t have to ask anybody to use cryptocurrency. It‘s just a software that everybody can download for free.