Crypto - Page 38

Crypto, short for cryptocurrency, refers to a type of digital or virtual currency that uses cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies operate on decentralized networks based on blockchain technology, a distributed ledger that records all transactions across a network of computers. This decentralized nature allows cryptocurrencies to function without a central authority, making transactions more private and potentially reducing the risk of fraud and censorship.Cryptocurrencies can be used for a variety of purposes, including as a medium of exchange for goods and services, for investment, and as a method of transferring value across borders. Some of the most well-known cryptocurrencies include Bitcoin, Ethereum, and Litecoin. Each cryptocurrency typically has its own unique features, intended use cases, and market dynamics. The rise of crypto has also given rise to various associated concepts such as Initial Coin Offerings (ICOs), decentralized finance (DeFi), and non-fungible tokens (NFTs), broadening the scope of digital asset utilization.