MBA IN SIMPLE WORDS
Cryptocurrency is a digital or virtual currency that uses cryptography for security and operates independently of a central bank.
Cryptocurrencies are decentralized, meaning they are not controlled by any government or financial institution.
Cryptocurrencies use blockchain technology, a decentralized digital ledger that records transactions and is publicly visible.
Cryptocurrencies are created through a process called mining, where powerful computers solve complex mathematical problems to validate transactions and earn new coins.
Most cryptocurrencies have a limited supply, with a cap on the number of coins that can be created.
Cryptocurrencies are highly volatile and their value can fluctuate rapidly, making them risky investments.
Cryptocurrencies are stored in digital wallets, which use public and private keys for security.
Cryptocurrency transactions are transparent and can be viewed on the blockchain, but the identities of the participants are anonymous.
Cryptocurrency regulations vary by country and are still evolving, leading to uncertainty in the market.
Cryptocurrencies are a new and rapidly evolving technology, and their future impact on finance and the global economy is still unknown.