A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency.
Cryptocurrencies are a subset of Alternative currencies, or specifically, of digital currencies.
Bitcoin became the first decentralized cryptocurrency in 2009. Since then, numerous cryptocurrencies have been created. These are frequently called altcoins, as a blend of bitcoin alternative.
Bitcoin and its derivatives use decentralized control as opposed to centralized electronic money/centralized banking systems.
The decentralized control is related to the use of bitcoin’s blockchain transaction database in the role of a distributed ledger.
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