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Understanding Blockchain: How It Powers Cryptocurrency and Beyond

Description:
Blockchain is a decentralized, distributed digital ledger technology that securely records transactions across many computers. Each "block" contains a list of transactions, and once a block is added to the chain, it is virtually impossible to alter. This makes the data in a blockchain immutable and transparent, offering a high level of security and trust. Blockchain is used not only for cryptocurrencies but also for various other applications like supply chain management, voting systems, and digital identities.Cryptocurrency is a type of digital or virtual currency that uses cryptography for security. Unlike traditional currencies, which are issued and controlled by governments or central banks, cryptocurrencies are typically decentralized and rely on blockchain technology to maintain their integrity. The most well-known cryptocurrency is Bitcoin, but there are many others, such as Ethereum, Ripple (XRP), Litecoin, and Cardano. Cryptocurrencies are not controlled by any central authority, reducing the risk of government interference or manipulation. Encryption techniques are used to secure transactions, control the creation of new units, and verify the transfer of assets. Users typically engage in transactions under pseudonyms (wallet addresses) rather than their real identities, providing a level of privacy. Many cryptocurrencies, like Bitcoin, have a fixed maximum supply, which can influence their scarcity and potential value
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Added:	2024.12.31
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