Crypto-Currecny
What is cryptocurrency ?
A cryptocurrency is a digital asset designed for transfer between people through virtual transactions. Cryptocurrencies exist only as data and not as physical objects; you cannot hold a Bitcoin in your hand or store Ethereum in a safe.
Decentralized cryptocurrencies are generated collectively by the entire system, at a rate that is defined when the system is created and is publicly known. In contrast, centralized banking systems like the Federal Reserve manage currency supply by printing fiat money or making changes to digital banking ledgers.
“Owning a Bitcoin means you have a collective agreement from every computer on the Bitcoin network that it is currently yours and, more importantly, that it was legitimately mined by a miner. A cryptocurrency, also known as crypto, is a digital asset intended to function as a medium of exchange. Individual coin ownership records are stored in a ledger, which exists as a computerized database and uses strong cryptography to secure transaction records, control the creation of additional coins, and verify ownership transfers. Cryptocurrencies typically do not exist in physical form, like paper money, and are usually not issued by a central authority. Unlike centralized digital currencies and central banking systems, cryptocurrencies generally employ decentralized control. If a cryptocurrency is created before being issued or is issued by a single entity, it is generally considered centralized. However, cryptocurrencies that use decentralized control operate through distributed ledger technology, usually in the form of a blockchain, which serves as a public financial transaction database.”
