Cryptocurrency means 'crypto-' which means 'encryption' and 'currency' means currency. It is a digital asset that can be easily transferred and verified using a hash function. Generally, cryptocurrency operates on a blockchain or a distributed ledger based on the DAG (Directed acyclic graph). The first cryptocurrency was Bitcoin, and the first block was created on January 3, 2009, based on the paper 'Bitcoin: A Peer-to-Peer Electronic Cash System' published on October 31, 2008. Since 2013, when Bitcoin became known to the public for the first time, various media have started calling Bitcoin a virtual currency (virtual currency, virtual currency). Since the first issue of Litecoin on October 7, 2011, a number of Bitcoin-inspired digital assets have been born, beginning with cryptocurrencies that have undergone several modifications to the Bitcoin codebase. In 1994, Vitalik Buterin Ethereum was invented using a smart deal designed by Nick Sabo. The term digital money or digital currency is widely used in connection with electronic payment methods. Digital currency refers to a type of currency that can only be used digitally, not materially, like banknotes and coins. Digital currency includes everything that converts and encrypts the value of money into digital information, stored and carried on an IC card, stored on a computer, and used over a network. In 2013, the U.S. Department of the Treasury's Financial Crimes Control Network (FINSEN) defined currency as" the currency, banknotes issued by legal tender, circulated, commonly used and accepted as the means of exchange in the issuing country". It is, in some cases, a form of exchange that acts as legal but no real money assets.

Shivangi Ojha

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