Sara
Thu Aug 29 2024
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5 answers
945
Why are cryptocurrencies called algorithmic?
Excuse me, could you clarify something for me? I've heard the term "algorithmic" used in relation to cryptocurrencies, but I'm not entirely sure why that is. From my understanding, cryptocurrencies like Bitcoin are decentralized digital currencies that use cryptography for security and are not controlled by any central authority. So, what exactly is the algorithmic aspect of them, and why do they earn this label? Is it because of the complex mathematical algorithms used in their mining process, or is there something else I'm missing?
