How is cryptocurrency different from traditional currency?

Cryptocurrency is different from traditional currency in many ways. Firstly, traditional currency is backed by governments and financial institutions, whereas cryptocurrencies are decentralized and operate independently of any centralized authority. Secondly, cryptocurrency transactions are encrypted and recorded on a digital ledger called the blockchain, whereas traditional currency transactions are typically made through banks or financial institutions. Additionally, cryptocurrency is often designed to have a limited supply, whereas traditional currency can be printed or issued by central banks as needed. Finally, cryptocurrency is often more volatile and subject to rapid price changes than traditional currency.

This mind map was published on 18 April 2023 and has been viewed 61 times.