Well here we are then, I am very happy you have made it on over to the Krumz’s Crypto Arena – so what is “Cryptocurrency”?
– A cryptocurrency (or crypto currency) is a digital asset that is used as a medium of exchange wherein individual digital token coin ownership records are stored in a digital ledger or computerized database using strong cryptography to secure financial transaction record entries, to control the creation of additional digital token coin records, and to verify the transfer of token coin ownership.
It typically does not exist in physical form (like paper money) and is typically not issued by a central authority. Most cryptocurrencies use decentralized control as opposed to a centralized digital currency with their central banking systems.
When a cryptocurrency is minted or created prior to issuance or held on a centralized exchange, it is generally considered centralized. When implemented with decentralized control, each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.
Bitcoin (BTC) first released as open-source software in 2009, is generally considered the first decentralized cryptocurrency. Since the initial release of Bitcoin, over 6,000 altcoins (alternative variants of Bitcoin, or other cryptocurrencies) have been created.
So that is a pretty concise answer, it does not really explain a lot aside from the generalised view and overall freedom with its constraints of blockchain technology.
The plan here is to explain this cryptobabble in simple terms, break down the acronyms, zero and ones, the bits the bytes – all the terminology and use into simple graspable terms.
I hope this website helps many understand MOAR about the digital currency world that is ever emerging and constantly evolving and we can then go away from FIAT currencies altogether.
All of this is because of Satoshi Nakamoto, the father of Bitcoin.