Cryptocurrency is a medium of exchange currencies like USD, but is designed for the purpose of exchanging digital information through a process made possible using the principles of cryptography. Cryptography is used to secure transactions and to control the creation of new coins. The first cryptocurrency made is Bitcoin in 2009. Today there are hundreds of other cryptocurrencies, such Altcoins.
In other words, cryptocurrency is electricity that is converted into a line of code with a monetary value. In the simplest form, cryptocurrency is a digital currency.
Unlike the central banks, like the Federal Reserve System, where the government controls the value of currencies such as the USD through the process of printing paper money, the government has no control over cryptocurrencies because they are fully decentralized.
Most cryptocurrencies designed to reduce production from time to time like Bitcoin, which creates market capitalization. It is different from fiat currencies in which financial institutions can always create more money, then inflation could happen. Bitcoin will never be more than 21 million coins in circulation. Technical system in which all cryptocurrencies based system created by Satoshi Nakamoto.
While hundreds of specifications cryptocurrency different, mostly from one of the two protocols. All cryptocurrencies community maintained cryptocurrency miners who are members of the general public who have set up a computer or machine ASIC to participate in the validation and processing of transactions.
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