HIGHLIGHTS
- A cryptocurrency is a digital currency created and stored electronically in blockchains.
- It uses encryption techniques to control creation of monetary units and to verify the transfer of funds. Hence it is very secure.
- It has no physical form and is not redeemable in another commodity like gold.
- Its supply is not determined by any central bank or authority and the network is completely decentralised.
- Bitcoin, Litecoin, Namecoin and PPcoin are examples of cryptocurrencies.Cryptocurrency is a form of digital money that is designed to be secure and, in many cases, anonymous.
It is a currency associated with the internet that uses cryptography, the process of converting legible information into an almost uncrackable code, to track purchases and transfers.Cryptography was born out of the need for secure communication in the Second World War. It has evolved in the digital era with elements of mathematical theory and computer science to become a way to secure communications, information and money online.
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