You now understand the basics of what a cryptocurrency represents. However, there are thousands of cryptocurrencies, and distinguishing what exactly qualifies as a cryptocurrency can be challenging for many users. The main characteristics of cryptocurrencies include:
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Decentralization – Transactions are secured and verified by a vast network of independent computers without reliance on a central authority or control by any central institution (e.g., a bank or government).
Global availability and unrestricted use – The only requirement for transactions is an internet connection and a functioning network, meaning transactions can be made anytime, anywhere.
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Security and transparency – Strong encryption makes transactions relatively secure against hacker attacks, while all transactions are recorded in a transparent transaction history.
Anonymity – No personal data is linked to the transactions, and only the account owner knows the connection between the account and their identity.
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Low or no transaction fees – The cost of using the network is primarily covered by mining rewards until the final amount of cryptocurrency is reached.
Irreversibility of transactions – Once a transaction is confirmed, it cannot be undone.
Some of these properties may have relative or temporary validity, while others have lost significance since the emergence of the first cryptocurrencies. Thousands of different cryptocurrencies exist, but only a few have truly gained widespread adoption. New cryptocurrencies continue to be created, and even some banks are introducing their own. Many cryptocurrency groups differ only slightly from each other.
