What Is Cryptocurrency ?

A cryptocurrency is a virtual or digital currency designed to work as a medium of exchange. It uses encryption techniques to secure and verify transactions and also to control the production of new units of a particular cryptocurrency. Cryptocurrency is not regulated or controlled by any bank, government or centralized financial authorities unlike any other currency like dollars, euros, yen etc. But, just like any other currency, it can be used to purchase goods from both online and offline merchants. The world’s first cryptocurrency is Bitcoin. It is a form of electronic cash and the first decentralized digital currency. As it depends on the power of the Internet to assure its value and confirm transactions, users on a network authenticate every transaction, and those transactions then become a matter of public record. In this way it prevents the same digital currency being spent twice by the same user.