What is Cryptocurrency?

Did you know that the global Crypto Market Cap has boomed upward to $1.46T in 2021? And also, you may have heard of multiple types of cryptocurrencies that are trending in all social media platforms and thousands of individuals are overwhelmed due to the buzzing figures appearing on multiple posts regarding speculations and the shift towards the new digitalized era.

Cryptocurrency is highly popular in the contemporary era as it can fix major problems of traditional currencies by implementing the power and responsibility in the currency holder’s account. This digitalized currency fulfils the five properties and three essential functions of money. Cryptocurrency is considered to be a more secure medium of exchange.

Cryptocurrency is considered a digital form of money and a medium of exchange created and stored electronically using encryption techniques to control and maintain the creation of monetary units and to verify the transfer of funds. Cryptocurrency has no intrinsic value as it is not redeemable for another commodity, such as gold. It has no physical form and only exists in a specific network.