A cryptocurrency (or crypto currency) is digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.
1. Introduction
Crypto Currency :-
• Crypto Currency simply means digital currency
• A medium of exchange like normal currencies
• Designed for the purpose of exchanging digital information
• Exchanging process made possible by certain principles of
Cryptography.
• Cryptography:
-Used to secure the transaction
-Control the creation of new coins
2. What is Cryptocurrency ?
• Digital currency or digital money is an Internet-based medium of exchange distinct
from physical (such as banknotes and coins) that exhibits properties similar to
physical currencies, but allows for instantaneous transactions and borderless
transfer-of-ownership.
• Cryptocurrency - A digital currency in which encryption techniques (cryptography)
are used to regulate the generation of units of currency and verify the transfer of
funds, operating independently of a central bank.
• The first cryptocurrency to be created was Bitcoin back in 2009. Today there are
hundreds of other cryptocurrencies, often referred to as Altcoins.
3. Why we use Crypto Currencies?
• Specially designed to take
advantage of the architecture of
the internet
• Transactions are checked, or
“confirmed” by the computers of
the users on the currency's
network
• Computers that verify the
transactions receive a small
amount of currency as a reward