Cryptocurrency Basics: Pros, Cons and How It Works

Many people believed bitcoin prices would keep climbing and began buying bitcoin as long-term investments. Traders began using cryptocurrency exchanges to make short-term trades, and the market took off. DeFi platforms use smart contracts on blockchain networks, primarily Ethereum, to recreate traditional financial systems like loans, interest accounts, and exchanges without intermediaries. Cryptocurrency transactions are much easier now than they used to be a few years ago.

Cryptocurrency Explained

Cryptocurrencies are digital or virtual currencies underpinned by cryptographic systems. They enable secure online payments without the use of third-party intermediaries. “Crypto” refers to the various encryption algorithms and cryptographic techniques that safeguard these entries, such as elliptical curve encryption, public-private key pairs, and hashing functions. But the researchers have published findings about the dramatic similarities in the ways that victim funds were stolen and laundered through specific cryptocurrency exchanges. They also learned the attackers frequently grouped together victims by sending their cryptocurrencies to the same destination crypto wallet. Taylor Monahan is lead product manager of MetaMask, a popular software cryptocurrency wallet used to interact with the Ethereum blockchain.

Cryptocurrency Explained