E90 - What is CRYPTOCURRENCY - Cryptocurrency 101 with Dean Kirkland

We are constantly asked “What is a Cryptocurrency”

Dean from Crypto the WonderDog responds!

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A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.^[1][2][3] Cryptocurrencies are a kind of digital currency, virtual currency or alternative currency. Cryptocurrencies use decentralized control^[4] as opposed to centralized electronic money and central banking systems.^[5] The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.^[6][7]

Bitcoin, first released as open-source software in 2009, is generally considered the first decentralized cryptocurrency.^[8] Since the release of Bitcoin, over 4,000 altcoins (alternative variants of Bitcoin, or other cryptocurrencies) have been created.

cryp·to·cur·ren·cy

ˈkriptōˌkərənsē/

noun

noun: cryptocurrency; plural noun: cryptocurrencies; noun: crypto-currency; plural noun: crypto-currencies

1. a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank."decentralized cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation"

https://www.investopedia.com/terms/c/cryptocurrency.asp

https://www.bitdegree.org/tutorials/what-is-cryptocurrency/

https://en.wikipedia.org/wiki/Cryptocurrency

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