Cryptocurrencies from "summary" of Radical Technologies by Adam Greenfield
Cryptocurrencies are virtual currencies that rely on cryptography to secure transactions and control the creation of new units. They are decentralized and exist solely in digital form, with no physical representation. Bitcoin, the first and most well-known cryptocurrency, was introduced in 2009 as a response to the global financial crisis, aiming to create a form of money that was free from government control and manipulation. The underlying technology that powers cryptocurrencies is known as blockchain, a distributed ledger that records all transactions in a secure and transparent manner. This technology enables users to send and receive funds without the need for a central authority, such as a bank or government. Transactions are verified by a network of computers known as miners, who use complex algorithms to ensure the integrity of the blockchain. The appeal of cryptocurrencies lies in their potential to revolutionize the financial system by providing a more efficient, secure, and inclusive means of conducting transactions. They offer lower fees, faster processing times, and ...
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