Cryptocurrency

Jay Kang
Wiki
 â€” Oct 31, 2018
min. read

What is cryptocurrency?

A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency.

Essentially, cryptocurrencies are limited entries in a database that no one can change unless specific conditions are fulfilled.

How do they work?

Most cryptocurrencies are decentralized systems based on blockchain technology, a distributed ledger enforced by a disparate network of computers. A defining feature of a cryptocurrency, and arguably its biggest allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.

What are the synonyms of Cryptocurrency?

Virtual Currencies

Digital currencies

Altcoins

Crypto Money

What industries use the term cryptocurrency?

Cryptocurrency is a universal term to describe any currency which uses cryptography to secure and verify transactions. But, it is prominently used only in Blockchain industry.

Where can I see cryptocurrency?

https://coinmarketcap.com/ is the biggest source to find a list of all the cryptocurrencies currently listed on a cryptocurrency exchange

What are the uses of cryptocurrency?

There are multiple uses of cryptocurrency, if defined by the creators. For example, Neuron coin, NeuronChain’s cryptocurrency has multiple uses:

  1. Transaction fees in the NeuronChain network (1 Neuron coin per transaction)
  2. Creation of token financial instruments on Synapse Protocol requires purchase of Neuron coins as collateral
  3. Agents in the Agent Network receive Neuron coins as remuneration for providing their services
  4. Medium of exchange for cross-border transactions. This will foster financial inclusion as anybody with access to internet can receive and send money using the Neuron coin.

Related Articles:

What is Agent Network?

NeuronEx

How agents will benefit from holding the Neuron coin?