What is cryptocurrency?

What is cryptocurrency?

A cryptocurrency is a medium of exchange that uses cryptographic principles to secure transactions and control the creation of units of exchange. Cryptocurrency is a type of digital currency (or virtual currency). After Bitcoin became the first decentralized cryptocurrency in 2009, the term cryptocurrency has been used to refer to such designs. Several similar cryptocurrencies have been created since then, often referred to as altcoins. Cryptocurrency is based on a decentralized consensus mechanism, as opposed to a banking financial system that relies on a centralized regulatory system.

Cryptocurrencies other than Bitcoin

Cryptocurrencies other than Bitcoin, also known as altcoins, are partly generated with reference to the idea, principle and source code of Bitcoin. There are more than 800 kinds of cryptocurrencies in circulation, similar to Bitcoin.

From February to April 2017, the total share of altcoins in the total cryptocurrency market increased from 15% to nearly 40%.