What is cryptocurrency?

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  • What is cryptocurrency?

Cryptocurrency is a form of digital currency secured by cryptography. Cryptography is a way of keeping digital currency secure. It means that only the person with the right information can access that currency. This information is known as a private key.

Instead of trusting a bank to store currency, users of cryptocurrency can send sums directly to each other, peer to peer. Transactions are recorded on a shared ledger known as a Blockchain.

Although Bitcoin was the first cryptocurrency to come into existence, there are now thousands of different cryptocurrencies.