What is Cryptocurrency?

Cryptocurrency refers to digital currency which was meant to be used for anonymous and secure transactions. This cryptocurrency will make use of cryptography techniques which are designed to turn readable information to a code that cannot be deciphered for tracking purchases. The need for cryptography techniques first came about during the World War II when there were needs for secure communications. Using these methods, digital currencies have evolved that make use of the encryption techniques for verifying fund transfers and these operate without banks.<br><br>The first such cryptocurrency was the Bitcoin that was founded in 2009 and still remains the most popular. Ever since, there have been many other cryptocurrencies that have evolved in the market, making the numbers almost 900 today. The cryptocurrency will use decentralized technology, allowing users to make safe payments and store their funds without going to banks and using their names. These will operate through public ledgers called block chains which are decentralized. These contain records of the updated transactions held by the currency holders. The cryptocurrencies are secure and anonymous; transactions cannot be reversed or forged. They can be used by one and all whereas banks decide who gets to open an account with them. Those wanting to buy these must know how volatile the market is and risks which are involved in it. Since these are anonymous, chances are that they will be linked with illegal activities.

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