|
Cryptocurrency
|
|
A cryptocurrency is a currency that typically exists digitally and therefore virtually. It uses cryptography to prevent counterfeiture and to restrict the rate of creation of new value. Like fiat money it only has value if people accept it as a medium of exchange for goods or services. Unlike fiat money cryptocurrencies can not be inflated by a central bank or other centralized entity. In this respect cryptocurrencies can behave like gold or other precious metals. The security of a cryptocurrency comes from the mutual agreement of transactions by the nodes in a distributed network. Bitcoin is an early example of cryptocurrency. History Cryptocurrency was first described in 1998 by Wei Dai on the cypherpunks mailing list. |
| < Prev | Next > |
|---|
Main Menu
| Home |
| Articles |
| Search |
| Submit Article |
| Contact Us |
| Donate to Wikibin |
