What is Cryptocurrency
I first heard about cryptocurrency in 2014, while carrying out research on virtual currencies on the internet. I must say that this is one of the greatest of all scientific discovery of our time that that need to be appreciated. Crypto-Currency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently outside of any central bank control.
Cryptocurrency also called cryptic currency or crypto asset is a digital form of currency that is being used increasingly globally. This groundbreaking internet technology serves as medium of exchange using cryptography to secure transactions and to control the creation of new units.
Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies. Bitcoin for example became the first decentralized cryptocurrency in 2009. Since then, several cryptocurrencies have emerged.
Crypto-currencies are known to be “decentralized” in nature; for example, bitcoin which now provide an outlet for personal wealth that is beyond restriction and confiscation by any authority or entity” Cryptocurrencies use decentralized control as opposed to centralized electronic money/centralized banking systems. The decentralized control is related to the use of bitcoin’s block chain transaction database in the role of a distributed ledger.