A digital money created with software that controls the max supply, how often new coins are made (minted) and how many coins get minted per block. These coins are completely digital and ownership is proven by public/private keys generated by your software wallet.
Example Sentence : I'm out of cash, can I pay you for that pizza with cryptocurrency?
by cfaulk 2020-11-23 10:53:33

Also Known By:

Crypto, Alt, Altcoin

A cryptocurrency (or crypto currency or crypto for short) is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. It typically does not exist in physical form (like paper money) and is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as opposed to centralized digital currency and central banking systems. When a cryptocurrency is minted or created prior to issuance or issued by a single issuer, it is generally considered centralized. When implemented with decentralized control, each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.

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