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Definition: Decentralized cryptocurrency operates on a technology called blockchain, which is distributed across multiple nodes.
No Central Authority: Unlike traditional currencies, decentralized cryptocurrencies are not controlled by any central bank or government.
Peer-to-Peer Transactions: Transactions occur directly between users without intermediaries, enhancing privacy and reducing fees.
Security: Cryptographic techniques secure transactions and control the creation of new units, making it difficult to counterfeit.
Transparency: All transactions are recorded on a public ledger, allowing anyone to verify and audit the history of transactions.
Immutability: Once recorded, transactions cannot be altered or deleted, ensuring a permanent record.
Global Accessibility: Anyone with internet access can participate in the cryptocurrency network, promoting financial inclusion.
Volatility: Prices can fluctuate significantly due to market demand, speculation, and regulatory news.
Smart Contracts: Some decentralized cryptocurrencies support programmable contracts that execute automatically when conditions are met.
Community Governance: Many decentralized cryptocurrencies involve community voting mechanisms to influence development and policy decisions.