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Cryptocurrency is a digital or virtual form of currency that is secured by cryptography. The word “cryptocurrency” is derived from the encryption techniques which are used to secure the network. They are not secure by people or by trust, but by math. This form of encryption makes it almost impossible to double-spend or counterfeit. It is an internet-based medium of exchange which uses cryptographical functions to conduct financial transactions. Cryptocurrencies leverage blockchain technology to gain decentralization, transparency, and immutability. Cryptocurrencies are also a fast and comfortable means of payment with a worldwide scope, and they are private and anonymous enough to serve as a means of payment for black markets and any other outlawed economic activity.

The most important feature of a cryptocurrency is that it is not controlled by any central authority: the decentralized nature of the blockchain makes cryptocurrencies theoretically immune to the old ways of government control and interference. They can be sent directly between two parties via the use of private and public keys. These transfers can be done with minimal processing fees, allowing users to avoid the steep fees charged by traditional financial institutions. Cryptocurrencies are digital gold.