What is Cryptocurrency?

A cryptocurrency is a digital currency powered by cryptography. Cryptocurrency is a medium of exchange: It can be used in buying and selling transactions like regular cash, as well as in exchange for a fiat currency. Of course, it has a secure ownership history record stored by participants on the network it uses.

Bitcoin, the largest and most important example of cryptocurrencies, is not dependent on a central authority such as central banks or governments. Instead, it follows a decentralized model on the blockchain.

All transactions made on the blockchain are recorded on each user with a distributed ledger model. Even if a single user's computer is attacked or the records are tampered with, there will be no security problem since the others will not change.