Cryptocurrency earned their name due to their digital or virtual nature, utilization of cryptographic techniques for transaction security, and independence from centralized authorities.
Crypto, short for cryptocurrency, refers to digital or virtual currencies that use cryptography for secure transactions and control.
Currency is a medium of exchange widely accepted within a specific economic system.
The use of cryptography in cryptocurrencies serves several crucial purposes.
Secure transactions involve conducting financial or data exchanges in a manner that ensures confidentiality, integrity, and authenticity.
Privacy refers to an individual’s right to control the access, use, and disclosure of their personal information.
Creation and supply control in cryptocurrencies refer to the processes and mechanisms by which new units of digital currency are generated and made available in the market.
In decentralized systems, such as blockchain technology, verification and consensus are essential components.
The term “cryptocurrency” is given to these digital assets because they amalgamate the principles of cryptography and currency.