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Simple Explanation of Cryptocurrency

We have all seen and felt money in one way or another. Which we keep easily around us and also use. This money is either in the form of paper notes (FIAT) or can be seen in the form of coins made of gold, silver, and currencies (ASSET). But in today’s article, we will talk about such a currency that is only digitally checked through counting or points, name cryptocurrency. So let’s know what is cryptocurrency?

What is cryptocurrency?

Crypto currency is made up of two words, crypto (secret) + currency (money) = virtual currency. The word crypto is derived from the Greek KRYPTOS or the Latin word KRUPTION, whose meaning is HIDDEN or SECRET.

It is not in any way present on paper or in physical form like other money. It is completely available in digital form. Hence it is also called virtual or digital money.

The most important thing about cryptocurrency is that it does not have the authority of any country, foreign, state, agency, government or board, for these reasons it is even known as Decentralized Currency.

A cryptocurrency is a coded string of data representing a unit. A decentralized digital medium of exchange that is created, regulated using cryptography and open source software, and is typically used for online purchases.

CRYPTOCURRENCY is available in a variety of forms such as Ethereum ETH, Litecoin LTC, Bitcoin BTC, Doge, Shiba Inu, Ripple XRP etc. Those who are seen on the Internet as a picture of a silver or gold coin. With the advent of advanced technology and computerized world, it is also a form of modern currency.

A crypto-currency is a medium of exchange like normal currencies such as the USD, but it is designed for the purpose of exchanging digital information through a certain principles of cryptography. Cryptography is used to secure transactions and control the creation of new coins.

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