Cryptocurrency is digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or duplicate. Many cryptocurrencies are decentralized networks based on blockchain technology (distributed ledgers enforced by different computer networks).
A distinctive feature of cryptocurrencies is that they are generally not issued by a central authority, making them theoretically immune to government interference or manipulation. Crypto itself "refers to the various encryption algorithms and cryptographic techniques that protect these entries, such as elliptic curve encryption, public-private key pairs, and hashing functions.
• Types of Cryptocurrencies
The first blockchain-based cryptocurrency was Bitcoin, which is still the most popular and most valuable. Currently, there are thousands of alternative cryptocurrencies with various functions and specifications. Several competing cryptocurrencies that have emerged from the success of Bitcoin, are known as "altcoins", including Litecoin, Peercoin, and Namecoin, as well as Ethereum, Cardano, and EOS. Today, the overall value of all existing cryptocurrencies is approximately $214 billion — Bitcoin currently represents more than 68% of the total value.
• Profit and Loss Cryptocurrency
Cryptocurrencies promise the convenience of transferring funds directly between two parties, without the need for a trusted third party such as a bank or credit card company. On the downside, the semi-anonymous nature of cryptocurrency transactions makes it particularly suitable for a number of illegal activities, such as money laundering and tax evasion. However, cryptocurrency advocates often value their anonymity highly, citing privacy benefits such as protection for whistleblowers or activists living under repressive governments.
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