What is Cryptocurrency

A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions, to control the creation of additional units, and to verify the transfer of assets.[1][2][3] Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies.

Bitcoin, created in 2009, was the first decentralized cryptocurrency.[4] Since then, numerous cryptocurrencies have been created.[5] These are frequently called altcoins, as a blend of bitcoin alternative.[6][7][8] Bitcoin and its derivatives use decentralized control[9] as opposed to centralized electronic money/centralized banking systems.[10] The decentralized control is related to the use of bitcoin's blockchain transaction database in the role of a distributed ledger.[11]