What is a Cryptocurrency?
While the answer to this question could fill a book, the short answer is that it is a purely electronic currency not created or regulated by any central authority. Basically, a cryptocurrency is a ledger containing all the transactions ever made using the coin. Instead of being held exclusively by a central authority such as a bank, the ledger, known as a “blockchain,” is distributed among all the actors in the network. It is fully public, immutable and protected by air-tight security.
In addition to decentralizing monetary exchanges, cryptocurrencies are much faster and more affordable than use of the traditional banking system.