CRYPTOCURRENCY
Definition: A cryptocurrency (or crypto currency) 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. ... Bitcoin, created in 2009, was the first decentralized cryptocurrency.
What is digital currency?
Digital currency is a payment method which exists only in electronic form and is not tangible. ... Digital currencies can be used to purchase goods and services but can also be restricted to certain online communities such as a gaming or social networks. Digital currency is also known as digital money and cybercash.
Is digital currency legal?
Before( may,2014) the US Department of Treasury said that digital currency operates like traditional currency, but does not have all the same attributes — as in, it doesn't have legal tender. Digital currency, however, is a form of virtual currency that is electronically created and stored.
How does the Cryptocurrency work?
Cryptocurrency is an encrypted decentralized digital currency transferred between peers and confirmed in a public ledger via a process known as mining. ... First, let's review the basics and essentials of cryptocurrency, and then we will do an overview of the other properties that have made cryptocurrency what it is today.
What is digital money transfer?
DEFINITION of 'Digital Money' Any means of payment that exists purely in electronic form. Digital money is not tangible like a dollar bill or a coin. It is accounted for and transferred using computers. Digital money is exchanged using technologies such as smartphones, credit cards and the internet.
What does it mean to mine Cryptocurrency?
Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the block chain, and also the means through which new bitcoin are released.