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Bitcoin explained: How do cryptocurrencies work? - BBC NewsInitially introduced as payments tools, cryptocurrencies are mostly used as a form of investment. This In Focus introduces crypto market. Cryptocurrency is a class of digital assets, including Bitcoin and Ethereum, that runs without the need for a central authority. Cryptocurrency is a digital payment system that doesn't rely on banks to verify transactions. It's a peer-to-peer system that can enable anyone anywhere to send.