Technology can be hacked, bitcoin is for scams, and virtual money is just virtual money, right? Not necessarily. A cryptocurrency is a form of digital currency that uses the concept of cryptography for the sole purpose of providing its users with safe digital transactions.

Cryptocurrency is a simple, common name that refers to all (while not having one principal place of command) cryptocurrencies like Bitcoin, Ethereum, and many others.

A cryptocurrency exchange is essentially a stage for coordinating purchasers and merchants. They work similarly as trading for different resources, for example, stocks. Individuals will, in general, call them traders since they frequently purchase and undercut in time allotments.

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Cryptocurrencies use decentralized technology to allow users to make secure payments and store money without the need to use their name or go through a bank. They run on a distributed public book called blockchain, which is a record of all transactions updated and maintained by currency holders.

Cryptocurrency works because the need for supply and demand allows the virtual coins to generate a value that can become as valuable as any physically-backed coin. Part of knowing why a coin works are by knowing what creates a coin. This is where Proof of Work and Proof of Stake play an essential role in maintaining their Crypto Coins.