Grasping the Basics: What is Cryptocurrency?
Cryptocurrency, also known as crypto-currency or crypto, is a digital payment system that operates independently of banks and relies on cryptography to secure transactions. It is any form of currency that exists digitally or virtually and uses a decentralised system to record transactions and issue new units. The first cryptocurrency, Bitcoin , was founded in 2009 and remains the most well-known. Cryptocurrencies are stored in digital wallets and transactions are recorded on a public ledger called the blockchain. The value of cryptocurrencies can be volatile, and there are thousands of different cryptocurrencies available, each with its own unique features and benefits.
Key Takeaways
Cryptocurrency is a digital payment system that operates independently of banks.
It relies on cryptography to secure transactions.
Bitcoin is the first and most well-known cryptocurrency.
Cryptocurrencies are stored in digital wallets .
Transactions are recorded on a pub...