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A cryptocurrency is a secure, digital-only currency that uses cryptography to verify transactions and control the creation of new units, operating on a decentralized computer network known as a blockchain rather than relying on a central authority like a bank or government. Transactions are recorded on a public, transparent, and immutable digital ledger, providing security and transparency without a central intermediary.

Key Computer Terminology Explained

Digital Currency: Cryptocurrency is virtual, existing only in electronic form; it has no physical counterpart.

Cryptography: This is the core technology that secures cryptocurrencies. It uses advanced coding and encryption to protect transactions from fraud and counterfeiting.

Decentralized: Unlike traditional money issued by a central bank, cryptocurrencies are not controlled by any single entity. Instead, they are managed by a distributed network of computers.

Blockchain: This is the public, decentralized ledger that stores all cryptocurrency transactions. It is a distributed system where each new transaction is grouped into a "block" and added to a growing chain, making the records transparent and nearly impossible to alter.

Peer-to-Peer (P2P): Cryptocurrencies enable direct transactions between individuals without needing a bank or financial institution to act as an intermediary.