Cryptocurrency

“Crypto” derives from Greek for “hidden” or “to hide”. A form of currency solely based on mathematics. Unlike fiat currency, which is printed, cryptocurrency is produced by solving mathematical problems based on cryptography. As a digital currency, cryptocurrency relies on an open source cryptography protocol to manage its distribution and transactions, rather than a centralized authority such as a government or a central bank. A cryptocurrency is therefore not subject to inflation, regulation or fees and other charges that affect typical traditional currencies. Cryptocurrencies are relatively new. The first to be publicly introduced was Bitcoin in 2009. The security of these networks is ensured by the strength of the cryptography used.

Reference:

Malone, J.A (2015). Glossary of Bitcoin Terms and Definitions. United States: Lulu Press, Inc

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