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by Hideo Nakamura
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Public Cryptocurrency: Overview

Public cryptocurrencies are digital currencies that use cryptography for security and decentralization. They are open source, meaning anyone can view the code, check its legitimacy, and modify it. This allows for more transparency than other forms of money such as fiat currency. Public cryptocurrencies also have a ledger system called a blockchain which records all transactions on the network in an immutable manner and is shared among users or nodes on the network to ensure trustworthiness.

In contrast to private or centralized cryptocurrency systems where only one entity has control over how funds move within the system, public networks allow individuals to transfer money directly between each other without any intermediaries like banks or payment processors; this is known as peer-to-peer (P2P) transactions. Transactions occur when two parties agree on terms regarding value exchange with no third party involved; this makes them much faster and cheaper compared to traditional banking methods since there is no need for verification from external entities. Furthermore, because these transactions take place over decentralized networks they are generally secure from malicious actors attempting fraud or theft due to their distributed nature.

There are many different types of public cryptocurrencies available today including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dash (DASH), Monero (XMR), Zcash (ZEC) and others that use similar technologies such as proof-of-work algorithms for consensus mechanisms instead of centralized authorities like banks or governments issuing coins through central servers/banks . Each has its own unique features but ultimately all share common characteristics – namely decentralized ledgers secured by cryptography, allowing users to send value directly between each other without relying on middlemen institutions like banks or payment processing companies. Some may offer additional benefits such as privacy focused coins like Monero which utilizes ring signatures in order to obscure sender identities while still verifying transaction validity securely via cryptographic protocols set up by miners who process blocks containing new transactions being added into the ledger at regular intervals..

Overall public cryptocurrencies provide an alternative form of financial infrastructure outside of existing traditional finance channels that can be used by anyone regardless of nationality or location with minimal costs associated due to their decentralized nature – making them ideal solutions for those looking for fast international payments with low fees across borders while maintaining privacy & security throughout every step along the way!

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