The Quiet Crypto Revolution: How Blockchain and Cryptocurrency Are Changing Our Lives

© The Author(s), under exclusive license to APress Media, LLC, part of Springer Nature 2023

K. JungThe Quiet Crypto Revolutionhttps://doi.org/10.1007/978-1-4842-9627-1_4

4. Cryptocurrency in Practice

Klaas Jung¹  

(1)

Amsterdam, The Netherlands

 

A cryptocurrency is a digital or virtual currency that uses cryptography for security. Cryptocurrencies are decentralized systems that allow for the creation, transfer, and verification of transactions without the need for a central authority or intermediary.

Okay, this is actually a lot to process in just two sentences. Read them again and let them sink in for a moment. What is so special about the fact that there is no need for a central authority or intermediary? It’s all about decentralization. As you ...