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What Is a Cryptocurrency?
A cryptocurrency is a digital currency secured by cryptography, typically used as a medium of exchange. Unlike traditional currencies, cryptocurrencies operate globally, 24/7, and independently of intermediaries such as banks and payment processors.
The decentralized nature of cryptocurrencies facilitates peer-to-peer (P2P) transactions directly between individuals. Instead of physical wallets and bank accounts, people access their crypto through unique crypto wallets or crypto exchanges like Binance.
The First Cryptocurrency
Bitcoin, created in 2009 by an individual or group under the pseudonym Satoshi Nakamoto, is the first and most popular cryptocurrency. Since then, thousands of cryptocurrencies have emerged, each with unique characteristics and purposes.
Like traditional fiat currencies, cryptocurrencies can be used as a medium of exchange. However, their use cases have expanded significantly over the years, now encompassing a wide range of applications in various industries, such as decentralized finance (DeFi), artificial intelligence, gaming, governance, healthcare, digital collectibles, and many others.
