Cryptocurrency is a form of digital currency that uses cryptography and blockchain technology to encrypt, secure, and verify transactions and proof of ownership. They do not require a central authority, such as a traditional financial institution or bank, to maintain their systems.
Cryptocurrency is designed to transfer units of value between users in a secure and confidential way. Each unit is a digital asset, sort of like a computer file, and operates using blockchain technology.
A blockchain is a digital ledger of transactions that record all of the transaction history for a cryptocurrency. Unlike traditional financial systems that often use a central banking system model, blockchains rely on a decentralized network of computers to verify each and every transaction.
Due to the high-growth potential, many see cryptocurrency as the future of currency and finance!