What is cryptocurrency?
Cryptocurrency, commonly called crypto, is a digital asset that acts as a currency which is nearly impossible to counterfeit or tamper with and is resistant to inflation.
The name cryptocurrency comes from cryptographic protections that verify the legitimacy of the assets and ensures secure transactions.
Crypto is created, monitored and transferred between parties on a network called the blockchain.
The blockchain is an assortment of monitoring systems that constantly verify the validity of every single translation that occurs on the network.
Crypto transactions on the blockchain generate a chronological and fixed record of parties involved, date, time, assets transferred, platforms where the transaction was managed and numerous other pieces of metadata.
Crypto transactions and blockchain verification removes the need (and cost) of third party payment processors.
It also enables global currency transfers and ownership of assets without restrictive governmental oversight.
All of these features come together to make crypto transactions nearly instantaneous, inexpensive, easy to monitor and accessible from anywhere in the world.