Cryptocurrency is money. But it’s not conventional money, so you won’t be handling paper bills or metal coins. This is a currency that exists only in digital space, carefully recorded on digital ledgers that are distributed across thousands of computers on the Internet.

There is no central banking authority or government financial institution that controls this currency. Monitoring is done solely through the system of distributed ledgers called a blockchain. Cryptocurrency is not backed by gold or other valuable commodities. Its value comes solely from the consensus of autonomous members of its blockchain network.

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