vWhat is Cryptocurrency?

vWhat is Cryptocurrency?
A cryptocurrency is a digital asset that can be traded and used to pay for goods and services online. There are thousands of cryptocurrencies available today. Two of the most popular ones are Bitcoin and Ethereum.

Unlike traditional currencies, like the US dollar, a cryptocurrency uses cryptography techniques to manage its monetary systems. Cryptocurrencies exist outside of the control of governments or any central authority.

A cryptocurrency is secured by a system called “blockchain technology.” The blockchain is simply a distributed database for storing information in chunks or “blocks.”

By design, blockchain ensures valuable data can be shared, stored and confirmed without intermediaries.

Cryptocurrencies look to offer several benefits over traditional money. These include:

Speed: With cryptocurrencies, sending money – or value – across regions or continents happens in a few minutes. This trumps traditional cash, which takes hours to days in some cases.

Security: Cryptocurrencies run on blockchains, which are distributed and decentralized. Since they are not centralized, there’s no single point of failure. This makes the blockchain harder to corrupt or hack.

Censorship-resistant: Anyone can use cryptocurrencies. They offer users financial freedom. No government or central authority can censor or reverse a transaction once it’s completed.