Definition:

A Digital or virtual currency secured by cryptography and based on a network that is distributed across a large number of computers.

Cryptocurrency is do not have a central issuing or regulating authorities, instead using decentralized system to record transaction and issue new units.

What is cryptocurrency:

Cryptocurrency is our digital our virtual currency is underpinned by cryptography systems. They enable secure online payments without the use of third party intermediate. Crypto refers to various encryption algorithms and cryptographs techniques that they got these increase,Such a electrical curve inscription, public-private keypad and hashing function.

Cryptocurrency is a digital payment system bad doesn't relay on banks to verify transactions. It's a peer to peer system that can enable anyone anywhere to stand and receive payments. Instead of a being physical money carried around an exchange in the real world, cryptocurrency payments exist purely as a digital increase to an online database describe in specific transactions. When you transfer trip to currency funds, the transactions or recorded in a public ledger. Cryptocurrency is a stored in digital wallets.

The first cryptocurrency was Bitcoin which was founded in 2009 and remains the best known today. Much of the interest in cryptocurrency is to trade for profit, with the spectaculars at time driving prices skyward.

How does cryptocurrency work?

Cryptocurrencies runs on a distributed public ledger called blockchain, a record of all the transactions updated and held by the currency holders.

Cryptocurrencies can be mind or purchase from cryptocurrency exchange. Not all economics sites allow purchase his using cryptocurrencies in fact cryptocurrency is, even popular only like bitcoins, are hardly used for retail transactions. However, the sky rocketting value of cryptography has made them popular as trending instruments. To a limited extent, they are also used for Cross border transfer.

Although Bitcoin has been around since 2009 cryptocurrency and applications of blockchain technologies are still emerging in financial terms and more uses are expected in the future. Transactions include bonds, stocks and other financial assets could eventually be created using the technology.

Central to the appeal and functionally of Bitcoin and other cryptocurrency is a blockchain technology. As its name indicates, block chain is essentially a set of connected blocks or an online ledger. Each block contains a set of transactions that have been independently verified by each member of the network. Every new block generated must be verified by each node before being confirm, making it almost impossible to forge transaction histories.[1]

Expert says that blockchain technology cancer multiple industries, such as supply chain and process such as online voting and crowd funding. Financial institutions such as JP Morgan cash & Co re testing the use of blocks and technology transaction cost by streamlining the payment processing.

Cryptocurrency examples

There are thousands of cryptocurrencies. Some of them best known include:

Bitcoin:

Founded in 2009 Bitcoin was the first cryptocurrency and still the most commonly traded. They currency was developed by Satoshi Nakamoto- widely believe to be a pseudonym for an individual or group of a people whose precise identity remains unknown.

Ethirium:

Left developed in 2015 atrium is a block in platform with its on cryptocurrency called ether (ETH) or Ethirium. Popular cryptocurrency after Bitcoin.

Litecoin:

English currency is more similar to Bitcoin but has more more quickly to develop new innovations, including faster payments and process to allow more transactions

What is the point of cryptocurrency?

Cryptocurrency is a new paradigm for money. Their promises is to streamline existing financial architecture to make it faster and cheaper. There technology and architecture decentralize existing monetary systems and make it possible for transacting parties to exchange value and money independently of intermediary instructions such as banks.