Cryptocurrency is a digital or virtual currency that uses cryptography for security and operates on a decentralized network, typically a blockchain. Bitcoin, created in 2009, was the first cryptocurrency, and thousands of alternative cryptocurrencies (altcoins) have since been developed, each with various use cases and features. Cryptocurrencies can be used for peer-to-peer payments, smart contracts, decentralized finance, and as speculative investment assets.
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“Bitcoin, the first and most well-known cryptocurrency, operates on a decentralized proof-of-work blockchain, while Ethereum introduced smart contract functionality that enables developers to build decentralized applications.”