A cryptocurrency can be defined as a digital currency that uses advanced encryption to protect the money as an asset. They are a medium of exchange that uses cryptography to prevent falsifying of records making cryptocurrencies immune to forgery.
Cryptocurrencies are decentralized and work peer to peer, independent of a centralized authority such as a bank.
Cryptocurrencies are decentralized and work peer to peer, independent of a centralized authority such as a bank.
Bitcoin is known as the first widely adopted Cryptocurrency that started a worldwide awakening allowing the average man in the street to realize that he can manage his wealth assets without the need for a bank. While many people believe that Bitcoin was the first digital currency, this is actually an incorrect assumption because other cryptocurrencies and digital cash technologies existed before Bitcoin such as ecash, bitgold and bmoney.
Cryptocurrencies can be passed from person to person for an extremely low fee, allowing people who use them to pay for money transfers much cheaper than using services such as PayPal, Payzaa and Payoneer.
In short a cryptocurrency is a digital currency that uses advanced cryptography to control the security of the currency and is not controlled by any central bank or authority.
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