It is exciting to be part of this cutting edge technology turned currency. The crypto currency is a digital or virtual money / asset/ secured by cryptography (techniques for secure communication in computer systems) for exchange. Fast gaining recognition and adoption, many still do not have a basic understanding of this gift.
For a beginner, i will say crypto currency is that money that is not fiat/commodity or physical money. Fiat money is anything legally recognised by a government as a legal tender, hence bears value as conferred on it by the system, as a means of value store and exchange. Now for this fiat money to have value, it is made scarce by control ,hence, certain conditions need be met before release of money into the system. So applies the cryptocurrency. It is also limited or controlled data entries that can not be changed unless certain conditions are met.
That is basically the definition of money.
Recognition is given to fiat money( local currencies) by the government, giving it a legal back up and value and accepted by the people, but controlled by the government. Cryptocurrencies by way of its technology is enjoying an increased acceptance and recognition. Controlled by limited supply of tokens(tradable good-coins, certificates, points).
We take another leap from here in my next exposition. I hope we find this helpful.
Thank you.
