Cryptocurrency 101 Ben Yu

Crypto 101: An Introduction to the World of Digital Currency

What is Cryptocurrency?

Cryptocurrency, or crypto for short, is a digital or virtual currency that uses cryptography for secure transactions. Unlike traditional currencies, cryptocurrencies are decentralized, meaning they are not issued or regulated by any central authority, such as a government or bank. Instead, they are created and managed through a distributed network of computers or blockchain.

The Value Proposition of Cryptocurrency

Cryptocurrencies offer several advantages over traditional currencies, including:

• Decentralization: Cryptocurrencies are not subject to the control of any single entity, making them resistant to censorship and manipulation.
• Security: Cryptographic techniques ensure the safety and integrity of transactions, protecting users from fraud and theft.
• Transparency: Blockchain technology provides a transparent record of all transactions, increasing accountability and reducing the risk of fraud.
• Global reach: Cryptocurrencies can be sent and received anywhere in the world, making them ideal for international transactions.