Cryptocurrency refers to a form of digital or virtual currency that uses cryptography for security and operates on a decentralized system using blockchain technology, without the need for central authorities like governments or banks.

Cryptocurrency Meaning

A cryptocurrency is a digital currency that operates independently of a central authority. It uses cryptography for security, making it difficult to counterfeit or manipulate. Unlike traditional currencies, cryptocurrencies are decentralized and use a distributed ledger technology, known as blockchain, to record transactions.

Cryptocurrencies are often described as trustless and permissionless:

The absence of central control and the digital nature of cryptocurrencies offer both opportunities and challenges. They provide users with a high degree of autonomy but also come with risks related to their volatility and security.