A cryptocurrency is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency.
Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies.
Bitcoin became the first decentralized cryptocurrency in 2009. Since then, numerous cryptocurrencies have been created.
These are frequently called altcoins, as a blend of bitcoin alternative. Bitcoin and its derivatives use decentralized contro as opposed to centralized electronic money/centralized banking systems.
The decentralized control is related to the use of bitcoin’s blockchain transaction database in the role of a distributed ledger.
