The Definition of Cryptocurrency and What You Should Know

The Definition of Cryptocurrency And What You Should Know By Olamide Yakub Lateef

The word cryptocurrency is a compound word of two independent words; cryptography and currency. When people hear the word cryptocurrency what comes to mind and they quickly understand is just the currency part of it and they subconsciously or ignorantly ignore the cryptography part.

Cryptocurrency can be explained to be a digital asset that is designed as a medium of exchange that uses a very strong cryptographic foundation to verify transactions, transfer or exchange, control the creation of additional units and secure financial transactions and statements in such a way that it’ll be extremely hard or nearly impossible for any single individual or group of individuals to alter or change the state of the transactions history on the ledger.

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The technology behind the existence of cryptocurrency or cryptocurrencies which is known as blockchain technology has a vast potential that can be explored by a variety of many industries to establish intact and tamper-proof transactions history which can be managed adequately.

Blockchain technology can be used to create useful and transferable assets which are not really a currency. Blockchain technology can be used to create shares and lot other assets that can be valuable and sellable. Also, it can be bought or borrowed and can be transferred from one owner to another.


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