Cryptocurrency Explained in Simple Terms | by Brad Neil | Coinmonks | Jan, 2023


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Cryptocurrency works a little bit differently than the money we use every day. Instead of having a bank hold onto our money for us, we can use special programs called ‘wallets’ to keep track of our cryptocurrency. And instead of using cash or a credit card to pay for things, we can just send the cryptocurrency from our wallet to the person we’re buying something from.

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Blockchain is a way that we can keep track of things online without using a bank or a company to do it for us. It’s like a special kind of list that everyone can see and add to, but no one can change or delete anything on it.

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There are several ways to make money in crypto, such as:

Buying and holding: Some people buy cryptocurrency with the hope that it will increase in value over time. They hold onto their cryptocurrency and sell it when the price goes up, similar to how one might invest in stocks or real estate.

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Cryptocurrency is a digital or virtual currency that uses cryptography and decentralized technology to secure and verify financial transactions. Blockchain is a digital record-keeping system that allows multiple parties to reach consensus on a single version of a shared digital history, and is used as the foundation for many cryptocurrencies.

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