Aug 24th 2022

The term cryptocurrency means virtual or digital currency that is built on blockchain and is secured by cryptography. Cryptocurrencies are digital money that works as a medium of exchange over the internet. One of the defining features of cryptocurrencies is that they are usually not by a central authority, making them immune to government intervention or manipulation.

The three important concepts on which cryptocurrency is based include blockchain, decentralization, and cryptography. Blockchain, in the case of cryptocurrency, is a digital ledger, the access of which is distributed among authorized users. This ledger maintains a record of transactions related to various assets, such as money, house, or even intellectual property (IP). Any information that blockchain records are not tamperable even by an administrator.