What is cryptocurrency?

1. The word “cryptocurrency” is a digital currency (crypto digital) created and stored electronically in blockchains wallet online.

2. It uses encryption techniques to control the creation of monetary units and to verify the transfer of funds between the involved parties. Therefore it is secured.

3. It has no physical form and can be re-transformed to physical currency vide exchange: trading or payment

4. Its has no centralised supply like central bank or authority and the network is completely decentralised for easy transaction

5. Eletroneum, Bitcoin, Litecoin, Namecoin and PPcoin are few examples of cryptocurrencies.