This is a digital currency in form of token or coins.
The term “crypto-currency” is derived from encryption techniques which are used to secure the network, popularly known as Cryptography.
It is “Crypto” because of the encryption and cryptographic techniques(process of hiding information) that help safeguard assets or files generally.
This simply means they are sets of algorithms created electronically by developers, and having monetary value.
Crypto-currencies generally, are decentralized networks based on Block Chain Technology. They function using Block Chain Technology.
The first Cryptocurrency ever was Bitcoin (you guessed right 😃Created in 2009. The prefix Crypto – stands for “Cryptography,” which is a technology that keeps information safe and hidden from attackers.
Cryptography was used to send secret messages by the Allied Forces in World War II.
In present day, computer technicians put cryptography to use in many different ways. One of those ways is cryptocurrency
Decryptionary.com Defines cryptocurrency as “an electronic money created with technology controlling its creation and protecting transactions, while hiding the identities of its users.”
Before the advent of Cryptocurrency, we had the only choice of trusting banks, debit and credit card companies and thrift associations (if you are into that) with our money.
Cryptocurrency stops that!
