Disclaimer: The information in this blog post is for educational purposes only and is not financial advice. Cryptocurrency markets are highly volatile and risky. Please conduct your research and consult a qualified financial advisor before making any investment decisions. The author and platform are not liable for any financial losses incurred.
A digital currency in which code based on cryptography controls the generation of units of currency and verification of transactions for the transfer of funds. A cryptocurrency is not backed by a government or a central bank of any country. The account keeping is done in a distributed manner. Think of it as a distributed ledger one in which you can’t alter the order of transactions.
In short, you can call the people money. Money is created by the masses, for the masses, and controlled by the masses.
Such money has various advantages compared to FIAT currency. That is the whole reason many banks and governments are opposing the adoption of cryptocurrencies. Cryptocurrencies take the power out of centralized power centers, whether they are governments or central banks.
