If you have been reading the financial news lately, one word keeps popping up almost everyday, and that word is “cryptocurrency”. Whether people are talking about Bitcoin, Ethereum, Dogecoin, etc., they are members of the same cryptocurrency family.
What Is Cryptocurrency?
“Cryptocurrency” is a portmanteau of the words “cryptography” and “currency”. As the name suggested, cryptocurrency (crypto for short) is a digital currency that uses encryption technologies with regards to its creation and regulation of its use. Most, if not all, cryptos are non-regulatory and decentralised; in other words there is no central regulatory body (such as governments and central banks) or any-body overseeing it.
Crypto is an early example on the use of blockchain technology, in which each record and/or transaction is stored as a block, from the creation of the crypto coin right up to the latest transaction. It is secured in a way as the makeup …