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Introduction to Crypto

Crypto, specifically referring to cryptocurrency and related technologies, is a digital or virtual form of currency that uses cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies operate on decentralized networks based on blockchain technology. A blockchain is a distributed ledger enforced by a network of computers (nodes), which ensures that data, once recorded, cannot be altered retroactively. This ensures transparency and security. The primary design purpose of cryptocurrencies is to create a peer-to-peer financial system that eliminates the need for intermediaries like banks. By doing so, transactions become faster, cheaper, and more secure. Examples of popular cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). For instance, Bitcoin, created in 2009 by an unknown person using the alias Satoshi Nakamoto, was designed as a decentralized digital currency that allows for secure, direct transfers without relying on any central authority. Ethereum, launched in 2015 by Vitalik Buterin, extends the concept by introducing smart contracts—self-executing contracts where the terms are directly written into code, allowing for automated, trustworthy transactions and applications.