What Is CryptoCurrency?

[loghorizon]

A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies.

[Caraphernalia]

Cryptocurrency is a technologically characterized form of an asset that is being builte as a tenuous material of exchange that usea cryptography ti secure, control and verify the transfer of assets.

[danielleZ]

1. A cryptocurrency is a digital currency created and stored electronically in blockchains.

2. It uses encryption techniques to control creation of monetary units and to verify the transfer of funds. Hence it is very secure.

3. It has no physical form but now because of BOOM in the sector it is redeemable in another commodity like gold.

4. Its supply is not determined by any central bank or authority and the network is completely decentralised.

5. Bitcoin, Ripple, Litecoin and Ethereum are examples of cryptocurrencies.

6. And the most important thing is cryptocurrency is the best way to invade taxation.

[kirti rana]

The fully defination of crryptocurrency is A cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets.

[Aileen C.]

Your right! And to add additional information,  Cryptocurrencies also classified as a   subset of digital, alternative and virtual currencies。

The fully defination of crryptocurrency is A cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets.

[Painbird]

cryptocurrency is a platform.
Its a digitla currency world. it's a smart way.Its life changing way.Its a new innovation bla bla.There is a great definition of cryptocurrency. Its a digital currency based on blockchain. It has invented when we have found btc. It's wark as blockchain. Now world turn out to be as blockchain.It provest it ist great innovation of the world which is safe n secured as well

[piloder]

Crypto = cryptography/encryption
Currency = money

So all coins that are based on cryptography and are developed to be used as currency can be considered as cryptocurrency.

Many eth based tokens are out there which can't be considered as cryptocurrency because they are like shares of a project rather than a currency.

[onpages]

I heard so many digi coins regularly so how does it connect with cryptocurrency?

Cryptocurrency uses decentralized technology so that users can make payments safely and save money without having to use their name or through a bank. They are distributed through a public ledger (public ledgers).

Public ledgers are the storage of all confirmed transactions since the commencement of cryptocurrency creation. The identity of the coins owner will be encrypted and the system will use other cryptocurrency techniques to ensure the legitimacy of the records. The ledger ensures that the appropriate digital wallet can calculate the balance that can be used accurately. In addition, new transactions can be checked to ensure that each transaction only uses coins currently owned by its users. Bitcoin, one of cryptocurrency, calls this booklet the term blockchain.

The unit of a cryptocurrency itself is made through a process called mining. Simply put, mining is a transaction confirmation process and adds it to the ledger (public ledger).

To add a transaction to the ledger, a miner must solve complicated computational problems (sort of a math puzzle).

Mining is open source, which means anyone can confirm the transaction. The first miner to solve the puzzle adds a "block" of transactions to the ledger. This helps ensure that transactions, blocks, and blockchains work together to ensure that no single individual can easily add or change blocks at will. Once a block is added to the ledger, all correlated transactions are permanent and a small transaction fee is added to the miner wallet (along with the newly created coin).

It is this mining process that gives value to coins and is known as a proof-of-work system. Users can also buy currency from the broker, then save and spend it using a cryptography wallet.