What is Cryptocurrrency ?

What is Cryptocurrrency ?
edits my first post
A cryptocurrency, crypto-currency, or crypto is a collection of binary data which is designed to work as a medium of exchange. Individual coin ownership records are stored in a ledger, which is a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.Cryptocurrencies are generally fiat currencies, as they are not backed by or convertible into a commodity. Some crypto schemes use validators to maintain the cryptocurrency. In a proof-of-stake model, owners put up their tokens as collateral. In return, they get authority over the token in proportion to the amount they stake. Generally, these token stakers get additional ownership in the token over time via network fees, newly minted tokens or other such reward mechanisms.

Cryptocurrency does not exist in physical form (like paper money) and is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as opposed to a central bank digital currency (CBDC).[6] When a cryptocurrency is minted or created prior to issuance or issued by a single issuer, it is generally considered centralized. When implemented with decentralized control, each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.

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Hello @evarchasva! This is @indayclara from @ocd (Original Content Decentralized) team. We saw that you already posted your first blog here in Hive! Congratulations and welcome!

Anyways, the best way to start your journey here in Hive is do an awesome introduction post. You can choose on whatever information you would like to share and be creative as you want to be. This will help other Hivers get to know you and be comfortable supporting your works here.

It's also best to subscribe to Communities you like and share your blogs there to have a wider range of audience. Or you can check out the Communities Incubation Program.

Also, letting you know since content on the Hive platform is monetized, using other people’s ideas or images could be considered as an offense and which is also viewed in a serious light on the blockchain. Here is a useful collection of resources about how plagiarism and abuse is viewed and handled on Hive.

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