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What is cryptocurrency and how does it work?

What is cryptocurrency? A digital payment system known as cryptocurrency doesn't rely on banks to validate transactions. Peer-to-peer technology makes it possible for anybody, anywhere, to send and receive payments. Payments made using cryptocurrencies do not exist as actual physical coins that can be transported and exchanged; rather, they only exist as digital entries to an online database that detail individual transactions. A public ledger keeps track of all bitcoin transactions that involve money transfers. Digital wallets are where cryptocurrency is kept.