What exactly is cryptocurrency

[Justin]

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?

 

[Sincerem]

Since they are virtual currencies, it means that they are in digital form and can only be sent and received, you can't withdraw to physical cash.

 

[Nomad]

cryptocurrency is digital money that is secured by cryptography. Cryptography on the other hand is a technique to store information as codes.

 

[joe4real]

Cryptocurrency is a digital currency for trading online and performing other transactions such as payments and can also be converted to real money.

 

[Justin]

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.

 

[GIFTMICHAEL]

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.

 

[Alexandoy]

Crypto coin is not money. It is not a currency. It is sold and bought in the crypto exchange which makes it clear that crypto coin is a digital commodity. Currency is money that is legal. Crypto coin is not even a legal commodity that can be banned anytime.

 

[gammarays]

Crypto is a digital money built on a blockchain. It has most features of paper money because it can be stored,bought, sold,transferred and invested. It can also appreciate and depreciate in value.

 

[jeff87]

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?

I don't know about cryptocurrency and cryptography. It was just 4 years ago that I have known about cryptocurrency. But it was 5 months ago that I joined cryptocurrency trading. In all the video tutorial that I have seen about online money making jobs it's my favorite but because of lack of capital I tried other ways of online jobs.

 

[Suba]

Cryptocurrency is a digital currency that uses cryptography, which is useful for maintaining transaction security, verifying transactions and controlling. While the recording of crypto transactions is centralized on the Blockchain. Every crypto user will have a public key and stream key.

 

[eLdavis]

Personally I think crypto currency are simply visual money or digital money that cannot be seen or touched physically. They are called crypto because they work under the a system called Blockchain which was created in a way that prevents hacking and protect transaction

 

[Nurudeen]

Crypto currency is a Digital coin that helps investors to keep or convert their fiat currency to Digital currency. This currency is made from mining. It might sound weird but that is what it is

 

[tyrim88]

From my own understanding cryptocurency are curency but they are virtual in nature and cannot be withdrawn into physical form because they are designed under the blockchain technology where transaction and ledger are stored in data form that is immutable,ie it cannot be changed or manipulated.
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From my own understanding cryptocurency are curency but they are virtual in nature and cannot be withdrawn into physical form because they are designed under the blockchain technology where transaction and ledger are stored in data form that is immutable,ie it cannot be changed or manipulated.

 

[Josemendez]

Cryptogrwph involves one solving puzzles are high are mathematical expressions and which are only solved by computer. This generates blocks and subsequently cryptocurrency . This is where miners comes in because they are the ones that employ their mining machine to do the calculations .

 

[jeff87]

Crypto currency is a Digital coin that helps investors to keep or convert their fiat currency to Digital currency. This currency is made from mining. It might sound weird but that is what it is

You are right cryptocurrency is a digital assets or coin. It helps investors to hold or trade and convert cryptocurrency and fiat money. That is true that it is mined through the internet. I think this will be the money of the future. Fiat money can be robbed or stolen but cryptocurrency cannot be robbed because it's digital.

 

[Senator]

Just like you have rightly said, it is a currency that makes use of cryptography. It is also known as the currency of the internet too. It is a digital currency operated online completely

 

[HayKay]

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

 

[Setho]

Cryptocurrencies are just the digital form of the normal paper and metal money that we use but just that they are trade able and also the fact that they are completely online.

 

[Zevin]

Cryptography is a storage of data in the form of code. Blockchain technology made it possible to store data in cryptography, which made it possible for the launch of crypto currencies.

 

[mcjerry]

cryptocurrency is digital money that is secured by cryptography. Cryptography on the other hand is a technique to store information as codes.

That is right. The name was derived from cryptography. And it is not just crypto currency only because of the name. In crypto it involves the use of mathematics calculation in complete solving a transaction that is why there are few in the transaction and why there are miners