body{-webkit-animation:-amp-start 8s steps(1,end) 0s 1 normal both;-moz-animation:-amp-start 8s steps(1,end) 0s 1 normal both;-ms-animation:-amp-start 8s steps(1,end) 0s 1 normal both;animation:-amp-start 8s steps(1,end) 0s 1 normal both}@-webkit-keyframes -amp-start{from{visibility:hidden}to{visibility:visible}}@-moz-keyframes -amp-start{from{visibility:hidden}to{visibility:visible}}@-ms-keyframes -amp-start{from{visibility:hidden}to{visibility:visible}}@-o-keyframes -amp-start{from{visibility:hidden}to{visibility:visible}}@keyframes -amp-start{from{visibility:hidden}to{visibility:visible}}body{-webkit-animation:none;-moz-animation:none;-ms-animation:none;animation:none} h1, h2, h3 { font-weight: normal; } amp-story-page { background-color: #131516; } amp-story-grid-layer { overflow: visible; } @media (max-aspect-ratio: 9 / 16) { @media (min-aspect-ratio: 320 / 678) { amp-story-grid-layer.grid-layer { margin-top: calc((100% / 0.5625 - 100% / 0.6666666666666666) / 2); } } } @media not all and (min-resolution:.001dpcm) { @media { p.text-wrapper > span { font-size: calc(100% - 0.5px); } } } .page-fullbleed-area, .page-background-overlay-area { position: absolute; overflow: hidden; width: 100%; left: 0; height: calc(1.1851851851851851 * 100%); top: calc((1 - 1.1851851851851851) * 100% / 2); } .element-overlay-area { position: absolute; width: 100%; height: 100%; top: 0; left: 0; } .page-safe-area { overflow: visible; position: absolute; top: 0; bottom: 0; left: 0; right: 0; width: 100%; height: calc(0.84375 * 100%); margin: auto 0; } .mask { position: absolute; overflow: hidden; } .fill { position: absolute; top: 0; left: 0; right: 0; bottom: 0; margin: 0; } @media (prefers-reduced-motion: no-preference) { .animation-wrapper { opacity: var(--initial-opacity); transform: var(--initial-transform); } } amp-story-grid-layer.align-bottom { align-content: end; padding: 0; } .captions-area { padding: 0 32px 0; } amp-story-captions { margin-bottom: 16px; text-align: center; } amp-story-captions span { display: inline-block; margin: 0; padding: 6px 12px; vertical-align: middle; border-radius: 15px; background: rgba(11, 11, 11, 0.6); color: rgba(255, 255, 255, 1); font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Oxygen-Sans, Ubuntu, Cantarell, "Helvetica Neue", sans-serif;; font-size: calc(4 * var(--story-page-vw)); line-height: 1.4; word-break: break-word; word-wrap: break-word; overflow-wrap: break-word; } What Is Cryptocurrency? 8 Common Questions Answered [{"selector":"#anim-e0596509-3eea-43f2-b355-ba6fc68509e8","keyframes":{"opacity":[0,1]},"delay":200,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}][{"selector":"#anim-11ee0ef8-6040-4c4b-87ed-34c6bf6c9b95","keyframes":{"transform":["translate3d(0px, -99.31093%, 0)","translate3d(0px, 0px, 0)"]},"delay":200,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}][{"selector":"#anim-3fcb73c4-5a7e-419d-af49-838469130ab3","keyframes":{"opacity":[0,1]},"delay":200,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

What Is Cryptocurrency? 8 Common Questions Answered

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Cryptocurrencies like bitcoin, ethereum, and dozens of lesser-known digital currencies frequently appear in the News, often following wild price spikes, and sometimes to cover the revolutionary blockchain technology they are built upon.

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This article strives to answer eight frequently asked questions about cryptocurrency in the most unbiased manner possible. We will follow that up with questions you should ask yourself or a financial professional before investing in digital assets.

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What is cryptocurrency?

Cryptocurrency is any digital store of value that one can exchange for goods and services. Bitcoin is the oldest and most well-known example of a digital currency, invented by a person or persons using the pseudonym “Satoshi Nakamoto” in 2009.

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What Is the Purpose of Cryptocurrency?

Cryptocurrency was initially conceived as a way of as a virtual currency and alternative form of payment versus traditional banking.

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What is blockchain technology?

All cryptocurrency transactions are recorded on a blockchain public ledger. These ledgers are known as decentralized networks. You can think of a blockchain similar to your account history on an online bank account.

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What do transactions look like on the blockchain?

Every transaction includes three critical pieces of information: Input, Output, and Amount. The Output is the name of the cryptocurrency account (called a wallet) that is receiving funds, while Amount is self-explanatory.

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How Do Cryptocurrency Wallets Work? Each wallet consists of two random strings of characters. The first string acts like a username to signify your account on the blockchain, while the second is a private key or password.

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Are Cryptocurrencies Safe?

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Blockchain technology is often described as “hack-proof” because any hacker would need to modify all blocks simultaneously to ensure that the chain was in agreement.

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How Does the Mining Process Work?

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A complex process called a cryptographic hash function is at the root of mining. Put simply, a hash function is a mathematical trick that takes data of any size, performs an operation on it, and outputs something of a fixed size.

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