Cryptocurrency has legal tender status.
This form of money does not fall under state guarantees due to the fact that no government in the world can influence the release and transfers of cryptocurrency between users.
In simple words, it is electronic money with protection against counterfeiting. The data that is encrypted in it cannot be duplicated and regulated from the outside.
The lack of government control makes investing in cryptocurrency quite a gamble. Here you can get rich
Cryptocurrencies are blockchain based. It is a system that records transactions across a computer network. The blockchain with files and databases is stored on different computers with the same rights. That is, they do without a server, and the absence of a chief administrator makes the blockchain practically invulnerable to hacking.
So far, no one has succeeded in calculating and penetrating into each copy, and the rest of the participants do not agree with changes in one block. This reduces the hacker's efforts to zero.
Blockchain allows cryptocurrency to be decentralized, which means that no single institution such as government, central bank or tax office can control it.
The blockchain is essentially a digital ledger. It can literally be thought of as a chain of virtual data blocks. Each block stores the date, time, amount, and information about who was part of the transaction.
To distinguish between blocks, each has an identifier known as a hash. And since any block in the chain can easily contain a significant amount of information, it can contain several transactions.
Blockchain is the foundation of Bitcoin and other electronic coins.
Altcoins.
Altcoins (alternative coins) are the name of all cryptocurrencies except bitcoin. Many popular cryptocurrencies (such as litecoin, USDT, BCH, etc.) are bitcoin hard forks
Stablecoins
it is the general name for cryptocurrencies that are stable. Their value is tied to physical assets (such as gold, oil) or backed by currency reserves (for example, the dollar). Stablecoins are needed in order not to withdraw fiat (traditional) money when trading on an exchange, since exchanges take a commission and because of this, all profit from trading can go to the exchange's commission. The most popular solution is USDT or Tether. There is also a token from the Binance exchange called BUSD. We will now talk about tokens.
Tokens
In fact, tokens are not cryptocurrencies, they are only a type of digital money, but since tokens are often touched upon with the topic of cryptocurrencies, many people do not distinguish between them.
Comment
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