Cryptocurrency is a type of digital money, which was designed for the security and, in some cases, maintain the anonymity of the user.
This form of money is used in processes where people involve in cryptography, the process of converting legible information into something that can hardly be cracked. Precisely, this digital asset is virtual currency or an alternative currency.
The need for Cryptography arose out of the need for secure communication during the World War II.
In the digitalisation era, Bitcoin was the first decentralized cryptocurrency. Post which several cryptocurrencies have been created. Bitcoin and its derivatives use decentralized control even after being opposed to centralized electronic money/central banking systems.
LAST UPDATED : Sep 12, 2019, 03:44 PM IST