What is Cryptocurrency?



A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.


Cryptocurrencies run on a distributed public ledger called blockchain, a record of all transactions updated and held by currency holders. Units of cryptocurrency are created through a process called mining, which involves using computer power to solve complicated mathematical problems that generate coins.


Fun Fact: On May 10, 2010, Laszlo Hanyecz spent 10,000 bitcoin for 2 Papa John’s pizzas in Florida. This was the first recorded Bitcoin payment for goods, and was valued at about $40 at the time. That Bitcoin is now worth over $400 million.


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