A crypto currency (or “crypto”) is a digital currency that can be used to buy goods and services, but uses an online ledger with strong cryptography to secure online transactions. It is a type of digital currency that generally only exists electronically. There is no physical coin or bill unless you use a service that allows you to cash in crypto currency for a physical token. It is a collection of binary data which is designed to work as a medium of exchange. The individual coin ownership records are stored in a ledger which is a computerized database using strong cryptography to secure transaction records. This helps to control the creation of additional coins and to verify the transfer of coin ownership. Different from central bank digital currency it typically uses decentralized control. Bitcoin is the first decentralized crypto currency. The presentation will further in-depth knowledge on the topic.

Pranav Menon MS

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