What is Cryptocurrency?

What is Cryptocurrency?

A cryptocurrency is a medium of exchange like normal currencies such as USD, but designed for the purpose of exchanging digital information through a process made possible by certain principles of cryptography. Cryptography is used to secure the transactions and to control the creation of new coins. The first cryptocurrency to be created was Bitcoin back in 2009. Today there are hundreds of other cryptocurrencies, often referred to as Altcoins. Put another way, cryptocurrency is electricity converted into lines of code with monetary value. In the simplest of forms, cryptocurrency is....


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Quotes

Bitcoin is the opposite of PayPal, in the sense that it actually succeeded in creating a currency. However, its payment system is lacking, and it is often used to make illegal transactions, such as to buy heroin. Until Bitcoin is used to make more legal transactions, I am a bit skeptical.

Peter Thiel, Co-Founder of Paypal