What exactly is cryptocurrency

[jeff87]

Cryptocurrency not only uses cryptography but is mined (or gotten) by solving complex problems through decoding. They're stored in wallets that are not your regular addresses.
Because they're minable and finite, there's always a limit to an amount of cryptocurrency that can be in circulation

That is what I have also learned about cryptocurrency.

I store my cryptocurrencies in my binance and Coinbase wallet. I use my cryptocurrency in trading platform binance.

 

[Kingstone]

As rightly mentioned, it is derived from cryptography. Transactions made on these are regulated by blockchain. These coins are also stored in wallet addresses which can be created easily with each person or user having a unique address.

 

[BrolySSJ]

Crypto currencies are called crypto currencies because they make use of cryptography. But what exactly is a cryptography and how does it build a crypto currency? Do all crypto currencies use cryptography?

Cryptocurrency is essentially a digital version of a Fiat currency and it is not necessarily the digitised version of the Fiat currency but rather a digital currency that can be used for payment and cannot be gained physically. It is also operated on a decentralized platform which allows people to have a lot more confidence within the cryptocurrency coins because they know that it is not being controlled by a single person.

 

[delnovem]

A cryptocurrency is a form of digital asset based on a network that is distributed across a large number of computers. This decentralized structure allows them to exist outside the control of governments and central authorities.

 

[Senator]

Cryptocurrencies are a kind of internet money of computers connected in such a way that they are not operated the way our traditional currencies are operated because they are online

 

[Aaron625]

Cryptocurrencies are digital money which cannot be physically touched or seen. They are decentralised in nature and work using blockchain technology. One can make profit with crypto trading by buying at low and selling at high.

 

[Dagm1]

Cryptocurrency is an electronic money for trading on-line and carrying out various other deals such as resettlements and can likewise be transformed to actual cash.

 

[Kubiat-Abasi]

From the limited knowledge I have on cryptocurrency, I will say that it has to do with an exchange between different parties that cannot be withdrawn as a crypto but it could be converted to another currency and utilised.

 

[Ezekiel]

Crypto currency are to the best of my knowledge are currency that are not seen with the eyes like physically,and they are uncontrollably by any one

 

[Lens]

Cryptocurrencies are basically the currency that exist on the Internet. The cryptocurrency is a virtual currency that is widely accepted in the crypto space.

 

[Kaffyfolla]

a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority.
"decentralized cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation"

 

[Ub40]

From my findings so far I think I can define crypto currency as a digital currency in which transactions are
verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority. And some examples of crypto currencies are bitcoins, ethereum, bitcoin cash, and so many other ones to mention but a few.

 

[Good-Person]

The word crypto means encryption. Meaning that it is simply built to run anonymously, and second, it is built to fasting transactions without any third party agent permission.

I think cryptocurrencies also have something to do with the term called "Cryptography". In simple words, cryptocurrencies mean a digital asset that has a fixed market price and this digital asset could be traded in the digital market..

 

[Laurentta]

Crypto currencies are digital coins used for carrying out various forms of transaction. They cannot be seen or held like real money but they can serve as a means of performing transactions.

 

[greenie]

Answers presented here are brief, but they do help me in understanding what exactly is cyptocurrency. I don't want to be an expert and learn how everything works. I just want to enrich my general knoweldge. Thank you guys.

 

[Ononivami]

The cryptocurrency is actually based on cryptography. The cryptocurrencies are made with cryptography. Cryptography is the process of writing and solving codes that could be inform of writing programs.

 

[Sotherefore]

Cryptocurrency is a digital currency that was invented by satoshi nakamoto according to research . it is a digital currency that increases as the demand increases and also the other way around when they demand decreases. Ever since the invention of cryptocurrency , so many business organisation have seen the needs and have already adopted into the innovative technology.

 

[Chibson]

Like someone have stated, cryptography is used to store information as codes. Cryptocurrency is decentralized and it will be very hard for you to see any error when you want to send a transaction. what I mean by this is that when you copy the wallet address very well then the money or the size of the cryptocurrency will definitely get to the receiver.