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oboloo Glossary

Cryptocurrency

oboloo Glossary

Cryptocurrency

Cryptocurrency is a digital or virtual currency that uses cryptography for security and operates using decentralized control, whereby transactions take place directly between users without relying on an intermediary such as a bank or government. This system enables peer-to-peer transactions with no middleman involved, allowing users to send and receive funds faster and more securely than traditional methods. Cryptocurrencies are based on blockchain technology, which makes them nearly impossible to counterfeit or double spend. In addition to being secure, cryptocurrency transactions have extremely low fees compared to other financial services, making them a great option for businesses looking to transfer large amounts of money quickly and efficiently.

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