Cryptocurrency – Cake T-Shirt – Unofficial
Cryptocurrency is a digital and decentralized medium of exchange that utilizes encryption to secure transactions.
Unlike traditional currencies, such as the U.S. Dollar or Euro, there is no central authority managing the value of cryptocurrency.
Instead, users participate in a peer-to-peer system distributed across the internet.
Cryptography plays a vital role in securing cryptocurrency.
It converts legible information into an almost uncrackable code, making it nearly impossible to counterfeit or double-spend.
Transactions are verified and recorded through a program called a blockchain, which is a distributed ledger enforced by a network of computers.
Mining is the process of creating units of cryptocurrency by solving complex mathematical problems using computer power.
Cryptocurrencies can also be purchased from brokers and stored in cryptographic wallets.
PancakeSwap is a decentralized finance (DeFi) application that operates as an automated market maker (AMM). It enables users to exchange tokens and provide liquidity by farming, in exchange for earning fees.
Launched in September 2020, PancakeSwap operates as a decentralized exchange for swapping BEP-20 tokens on BNB Smart Chain. Its automated market maker model allows users to trade against a liquidity pool.
To fill these pools, users can deposit their funds and receive liquidity provider (LP) tokens in return. These tokens represent their share of the pool and a portion of the trading fees.
PancakeSwap also allows users to farm additional tokens like CAKE. Users can deposit LP tokens on the farm and receive CAKE as a reward.
With PancakeSwap, users can trade BEP20 tokens, provide liquidity to the exchange and earn fees, stake LP tokens to earn CAKE, stake CAKE to earn more CAKE, and even stake CAKE to earn tokens from other projects.
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