Cryptocurrencies, or "crypto," are a new form of digital money that exists only online. Unlike traditional money like the Australian Dollar, which is issued and controlled by governments, some cryptocurrencies are decentralised. This means they operate without a central authority like a bank or government.
One of the key technologies behind crypto is blockchain technology. Think of the blockchain as a digital ledger that records all transactions made with a particular crypto. This ledger is secure and transparent, making it nearly impossible to cheat or tamper with the transactions.
For example, if you wanted to send money to a friend in another country, using crypto could be faster and cheaper than traditional methods. There’s no need for a bank to process the transaction, and the money can be sent directly and securely. This decentralised nature is what makes crypto unique and a potential game-changer in the world of finance.
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