WHAT ARE CRYPTOCURRENCIES?

Cryptocurrency is a virtual or digital currency that is secured by cryptography and is nearly impossible to counterfeit and prevents double spending.  Cryptocurrencies are generally not issued by any central authority, making them immune to government interference.

Cryptocurrency is a form of digital assets that are based on a network that allows them to exist outside of the governments control. Cryptocurrency systems allow for secure online payments which denominated by virtual tokens. Some of the Cryptocurrencies you would have heard of is Bitcoin which was launched in 2009. In the cryptocurrency systems, users make use of a “wallet” or account address which is associated to a public key which is only know to the user.

The advantages of using Cryptocurrencies, is that they hold the promise of making transferring funds between parties easier, without having the need to have a third party like a bank involved. The transfers are secured with a public key and there are different forms of systems with incentives.