Definition — What is Cryptocurrency? 

A cryptocurrency is a new form of digital or virtual money. Cryptocurrency has become a global phenomenon in recent years, although much is still to be learned about this evolving technology. Cryptocurrencies are usually not issued or controlled by any government or other central authority. They are managed by peer-to-peer networks of computers running free, open-source software. Cryptocurrency transactions are recorded on a decentralized ledger. This ledger is called a Blockchain. Every time crypto is bought or sold, the transaction is added to the blockchain — a public database of the transactions, which is available to other crypto holders. Anyone can join and participate in the blockchain, however, data on individual transactions — and the people involved with them — are secured using cryptography. For each transaction added to the blockchain, there’s a digital validation process to verify it and prevent fraud.