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Cryptocurrencies are all the rage right now. Bitcoin, Ethereum, Litecoin and all of the other altcoins are exploding in value and interest. But what are they? How do they work? Why are they so popular?.

Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and to control the creation of new units. Cryptography is the practice of secure communication in the presence of third parties. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009 by an anonymous person or group of people under the name Satoshi Nakamoto.

Cryptocurrencies are popular because they offer a number of advantages over traditional currencies. They are global, meaning they can be used anywhere in the world. They are digital, meaning they can be used for transactions online. They are secure, thanks to cryptography. And they are decentralized, meaning they are not subject to government or financial institution control.

Cryptocurrencies are also volatile, meaning their prices can fluctuate greatly. Bitcoin, for example, was worth less than a dollar in early 2011, but reached a high of almost $20,000 in December 2017. Cryptocurrencies are often subject to speculation, meaning their prices can be driven up or down by investors’ beliefs about their future value.

Despite their volatility, cryptocurrencies are here to stay. Over the past decade, they have proved to be a safe and secure way to transact online, and their popularity is only increasing. While their prices may fluctuate, their long-term value is likely to continue to increase.

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