Digital Currencies
What is Cryptocurrency?
Cryptocurrency is a digital currency created by technically savvy individuals called “miners.” Miners use cryptocurrency algorithms to keep a decentralized ledger of transactions on blockchain technology and create new cryptocurrencies called “coins.” Cryptocurrency uses encryption technology to transfer value over the internet when buying and selling goods and services online. Cryptocurrency operates without a banking system and may be used globally to store or exchange value like cash. It has stated exchange rates for most of the legal tender worldwide. Because cryptocurrency has a fixed supply, it is considered an asset similar to precious metals.