What is Cryptocurrency? The Introduction of Cryptocurrency

Living in the digital era in these days, one of the most frequently asked questions among our circle of friend is - "what is cryptocurrency". By breaking down the word 'cryptocurrency', we may get:

• Crypto: digital encrypted
• Currency: a system of money

In other words, we may call it is as 'digital currency', but what exactly is 'cryptocurrency'? Let's buckle up and make ourself clear with the term 'cryptocurrency', below are the compiled definition from various sources that have been gathered:

Source #1: dictionary.com

[krip-toh-kur-uh n-see, -kuhr-] a digital currency or decentralized system of exchange that uses advanced cryptography for security.

Source #2: The Telegraph -

Cryptocurrency is a form of digital money that is designed to be secure and, in many cases, anonymous.

It is a currency associated with the internet that uses cryptography, the process of converting legible information into an almost uncrackable code, to track purchases and transfers.

Cryptography was born out of the need for secure communication in the Second World War. It has evolved in the digital era with elements of mathematical theory and computer science to become a way to secure communications, information and money online.

Read more @ What is cryptocurrency, how does it work and why do we use it?.

Source #3: Investopedia -

A 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.

Read more @ Cryptocurrency.

Source #4: CCN -

A cryptocurrency is a medium of exchange like normal currencies such as USD, but designed for the purpose of exchanging digital information through a process made possible by certain principles of cryptography. Cryptography is used to secure the transactions and to control the creation of new coins. The first cryptocurrency to be created was Bitcoin back in 2009. Today there are hundreds of other cryptocurrencies, often referred to as Altcoins.

Put another way, cryptocurrency is electricity converted into lines of code with monetary value. In the simplest of forms, cryptocurrency is digital currency.

Read more @ What is Cryptocurrency?.

Source #5: Blockgeeks -

Read more @ What is Cryptocurrency: Everything You Need To Know [Ultimate Guide].

After going through the above definitions, trust that a series of questions have been popped up in your mind, such as "what is BitCoin", "what is a Blockchain", "how and where do I start with cryptocurrency", "how do cryptocurrencies work", etc. We shall cover more in the next blog posts.

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