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What is Cryptocurrency?

A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. The prefix crypto- stands for “cryptography,” which is a technology that keeps information safe and hidden from attackers. So, it uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. Essentially, cryptocurrencies are limited entries in a database that no one can change unless specific conditions are fulfilled. There are many types of cryptocurrencies in circulation today such as Bitcoin, Ethereum, Litecoin to name a few, each having its own price, characteristics, application, etc.