What are digital currencies?

Cryptocurrencies or virtual currencies are digital currencies used in the buying and selling of goods and services with strong encryption so that transactions can be completed safely over the Internet.
Digital currencies operate using Blockchain technology, which is a database that records the source of digital assets in an immutable and transparent manner through the use of decentralization and encrypted hashing, so it is difficult or even impossible to hack them.

Digital currencies are characterized by the fact that they are not bound by geographical or political borders, as transactions can be carried out via digital currencies from anywhere in the world. Interest in these currencies increased after the spread of the term “trading in digital currencies,” through which currencies are bought and sold to achieve real financial profits from them.
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Ethereum Blockchain to Generate $2.7 Billion in Revenue in 2024
Shawqi Delimi 2024-08-10 1 minute

Ethereum’s strong performance is not only related to its price position behind Bitcoin, but also to its revenue generation and the blockchain’s established position in the cryptocurrency market.
The network’s success is due to its vast ecosystem of software applications and active users.
These results show a clear preference among developers and users for Ethereum over other platforms.
In addition, Ethereum’s fee revenue is closely tied to its price fluctuations.
For example, during bullish trends such as the one on March 5, when fees rose to $38.42 million, Ethereum saw increased activity.
As a result, the network continues to attract significant transaction volume even during market downturns, such as the $15.97 million fee increase on August 5.

Additionally, the Ethereum network processed nearly 1.96 million daily transactions on June 14, reflecting the high transaction volume on the network.

As demand for Ethereum increases, this mechanism reduces supply, creating a kind of shock.

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