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What is cryptocurrency and its purpose?

The definition of cryptocurrency and its purpose is discussed below. Cryptocurrency is a digital coin not authorized or allowed as a medium of exchange by the government. This currency uses powerful cryptography to protect online transactions and shopping online. The advantages and disadvantages are also more important to find out more information.

Purpose of cryptocurrency are as follows:

  1. The main purpose of cryptocurrency is to have a decentralized currency accepted around the globe.
  2. Generally, cryptocurrency is to serve as digital currencies that can be used for payment of transaction charges when calling functions on blockchain.
  3. Any cryptocurrency is intended to offer a new anonymous means of transaction.
  4. It is either to serve as a store asset, serve as a means of investment or used as real money for daily transactions.
  5. To provide separation of money and state.
  6. It is also used to extract money from naive, credulous people eager to quickly get rich.
  7. To provides a peer-to-peer version.
  8. Crypto Currencies are a model for the organization of behaviors.
  9. Crypto Currencies are organizing stupid or non-viable behaviors.

Explore more information:

  1. Pros and cons of bitcoins
  2. Advantages and disadvantages of cryptocurrency
  3. Best trading platform for cryptocurrency
  4. What are the benefits of investing in cryptocurrency?
  5. Practical disadvantages of cryptocurrency
  6. What is cryptocurrency mining? How does it work?
  7. What is cryptocurrency trading? Application and use
  8. Advantages of using cryptocurrency for business

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Divya Chauhan
Divya Chauhan is an expert writer with 10+ years of experience as a content writer. They specialize in making complex topics like IT, Health, and general topic easy to understand. Divya has written over thousands of articles to help people with their content. Prior to joining Way2benefits’s editorial team in 2020, Divya worked as a Professor of BCA college and freelancer blogger.