A cryptocurrency is a digital currency. Cryptocurrencies allow for the secure payments of online transactions. Rather than functioning as a dollar or other denomination, they function as a value of “tokens.”
They are called “crypto” currencies because they are encrypted with a combination of algorithms, key pairings, and other cryptography methods. Because of this encryption, cryptocurrencies can be used anonymously for online transactions, and they are very difficult to counterfeit.
Cryptocurrencies are not regulated by any financial industry. They are created organically through a complex process of “mining” on the blockchain. This means they are theoretically immune from government fraud or manipulation.
The most ubiquitous cryptocurrency currently in rotation is Bitcoin, which operates on the blockchain.
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