Cryptocurrency, also known as digital or virtual currency, is a decentralized digital medium of exchange that uses cryptography to secure and verify transactions. It's a new form of money that exists only in electronic form and is not controlled by any government or financial institution.
Transactions with cryptocurrencies are recorded on a public ledger called a blockchain, which helps to ensure the integrity and security of the transaction process. The most well-known cryptocurrency is Bitcoin, but there are many others, such as Ethereum, Litecoin, and Monero.
Some key features of cryptocurrency include:
- Decentralization: Cryptocurrencies are not issued or controlled by a central authority.
- Limited supply: Most cryptocurrencies have a limited supply of coins or tokens.
- Fast and global: Transactions are fast and can be sent and received anywhere in the world.
- Secure: Transactions are secured through cryptography and the blockchain.
- Pseudonymous: Transactions can be made without revealing the identities of the parties involved.
Cryptocurrency has the potential to revolutionize the way we think about money and financial transactions, but it's still a relatively new and evolving field.
