What is cryptocurrency?

• Cryptocurrency is a digital or virtual currency that uses cryptography for security.

• A defining feature of a cryptocurrency, and arguably its most endearing allure, is its organic nature.

• Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems.

• The decentralized control of each cryptocurrency works through blockchain technology.

• A blockchain is a distributed database that is managed by a network of computers.

• Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger.

• The decentralized database managed by multiple participants is known as Distributed Ledger Technology (DLT).

• Cryptocurrencies are often traded on decentralized exchanges and can also be used to purchase goods and services.