Cryptocurrency is a type of digital currency that uses cryptography for security and anti-counterfeiting measures (Everybody knows the word of Digital). Public and private keys are often used to transfer cryptocurrency between individuals.
As a counter-culture movement that is often connected to cypherpunks, cryptocurrency is essentially a fiat currency. This means users must reach a consensus about cryptocurrency's value and use it as an exchange medium. However, because it is not tied to a particular country, its value is not controlled by a central bank. With bitcoin, the leading functioning example of cryptocurrency, value is determined by market supply and demand, meaning that it behaves much like precious metals, like silver and gold.
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