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What is cryptocurrency?

Cryptocurrency

Category:

Finance

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Contributor:

Hoang Truong

DEfinition
Cryptocurrency is a form of payment that can be exchanged online for goods and services. A cryptocurrency (or “crypto”) is a digital currency that can be used to buy goods and services, but uses an online ledger with strong cryptography to secure online transactions
Example

Cryptocurrency can be used for:

  • Transactional purpose
  • Smart contract
  • Enable to build application on top of it
  • Collection
  • Meme

What technology does it based on?

Blockchain

Blockchain is a type of database

  • A blockchain collects information together in groups, also known as blocks, that hold sets of information.
  • Blocks have certain storage capacities and, when filled, are chained onto the previously filled block, forming a chain of data known as the “blockchain"
  • All new information that follows that freshly added block is compiled into a newly formed block that will then also be added to the chain once filled.
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Categories of cryptocurrency

REal life application

Crypto application

Crypto is most commonly used for:

  • Transactional purpose or store of wealth (based on level of scarcity)
  • Voting
  • Health care
  • Food safety
  • Cybersecurity
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