Explain what is cryptocurrency

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Question 1: Explain what is cryptocurrency?

The cryptocurrency that continues to mesmerize the world, the first of its kind, Bitcoin was once entirely a classy realm of tech-geniuses who were keen to uphold the philosophy of maximizing autonomy, but Bitcoin has a shot to fame with the promise of a wide consumer base. Yet, to the uninitiated consumers, a query remains. So, exactly what is Bitcoin?

  • Some are really yet to unravel this overly fluctuating cryptocurrency. Generated and stored electronically, Bitcoin is actually a form of digital currency.
  • The network can't actually be controlled by anyone, the currency is decentralized. It came into being in 2009, as a brainchild of an individual with the assumed name of Satoshi Nakamoto. Utilizing the P2P technology to function, Bitcoin has the distinctive and flexible feature to engulf anyone who's interested.
  • Its worldwide acceptance is a feature that adds to its popularity.

Reference no: EM132435372

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