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Everything You Need to Know About Digital Currency

June 17, 2024

Digital currency, a form of currency available only in digital form, has been rapidly transforming the global financial landscape. Unlike traditional currencies, digital currencies do not exist in physical form but are available and traded through electronic means. This article looks into the essentials of digital currency, including its types, benefits, challenges, and future prospects.

Types of Digital Currency

  1. Cryptocurrencies: These are decentralized digital currencies that use cryptography for security. Bitcoin was introduced in 2009 and is the first and most well-known cryptocurrency. Other notable examples include Ethereum, Ripple (XRP), and Litecoin. These currencies operate on blockchain technology, a distributed ledger that keeps track of all transactions across a network of computers.

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