Cryptocurrency is a digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature of a cryptocurrency, and arguably its most endearing allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.
Cryptocurrency is a form of digital currency that uses encryption to secure transactions and control the creation of new units. Bitcoin, first released as open-source software in 2009, is generally considered the first decentralized cryptocurrency. Since then, over 4,000 altcoins (alternative variants of bitcoin, or other cryptocurrencies) have been created.
Cryptocurrencies are used primarily outside existing banking and governmental institutions and are exchanged over the Internet. While these alternative, decentralized modes of exchange are in the early stages of development, they have the unique potential to challenge existing systems of currency and payments. As of May 2018 total market capitalization of cryptocurrencies reached almost $300 billion with all major 100 coins reaching record highs.
In addition to being an investment vehicle for many people around the world, cryptocurrencies also offer a way to make payments without having to go through a third party like PayPal or Western Union. Cryptocurrencies use blockchain technology to create an immutable ledger system that keeps track of all transactions made using them
Cryptocurrency is a digital currency that's used to pay for goods and services, much like cash. Cryptocurrencies are often referred to as "crypto," or "virtual currency."
Crypto is decentralized, which means that it isn't controlled by any bank or government. Instead, it's controlled by a decentralized network of computers that manage all transactions. This makes crypto incredibly secure, because there's no central point of failure—if one computer fails, the entire system doesn't go down.
Crypto has a lot of potential uses in the future, including buying groceries and traveling around the world.