A cryptocurrency is a cryptographically protected digital or virtual currency that avoids counterfeiting. It is An Internet-based distribution platform that allows financial transfers utilizing cryptographic functions. The most crucial element of a cryptocurrency is that no single body controls it. The use of private and public keys allows cryptocurrencies to be transmitted directly between two parties.
Cryptocurrency is a digital asset generated using the blockchain technique. Blockchain is a decentralized technology that runs and records transactions across many computers which prevent the system from changing, hacking or cheating. The currency can also be exchanged online for products and services as a digital or virtual currency. There is no physical form for cryptocurrencies and they are available only as digital entries in a distributed register, in compliance with complex encryption regulations. The use of private and public keys allows the transmission of cryptocurrencies straight between two parties. These transactions can be carried out with minimal transaction charges that allow users to escape high charges from conventional financial institutions.
A cryptocurrency's most essential feature is that it does not have any central control. That means it is not regulated by any central authority or in other word exist beyond the jurisdiction of central authorities and governments. It was designed to be free of government oversight or interference. Instead, a peer-by-peer Internet protocol controls the cryptocurrency economy.
They were initially conceived as an alternative method of payment for online transactions. Cryptocurrencies, however, are still not generally adopted by companies and customers and are at present too unpredictable to be accepted as payment methods. Cryptocurrencies are significantly different from typical fiat currencies. However, like any other commodity, you can still buy and sell them.
