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What is cryptocurrency and why should businesses care?

Cryptocurrency is a digital or virtual currency that uses cryptography to secure its transactions and to control the creation of new units. 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.

Cryptocurrencies can be used to purchase goods and services, or can be held as an investment. Bitcoin and other cryptocurrencies are often traded on decentralized exchanges and can also be used to purchase goods and services on websites that accept cryptocurrency.

Cryptocurrencies are still a relatively new phenomenon, and businesses should exercise caution when considering whether to accept them as payment. However, as the popularity of cryptocurrencies continues to grow, it is likely that more businesses will begin to accept them.

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