What is a Cryptocurrency?

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4 Lessons

You know you’ve heard the term somewhere. Is it another name for Bitcoin? No. 

Okay… Is it a magical money-making machine??  Possibly. 

Is it the money of the future? Could be! 

The definition of what a cryptocurrency is, is very simple:

“A digital currency in which encryption is used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.”

In simpler terms – cryptocurrency is a ‘currency’ that allows you to send and receive value. The whole system is kept secure by very complex math problems that would be nearly impossible to solve or break by any person, computer, or group.

This may seem ordinary or way too simple for such a robust name, but this is exactly how you can define a currency. This introduction course is a beginner level guide to cryptocurrencies and blockchain technology. Our hope is that once you finish this course, you’ll be able to easily understand and define what a cryptocurrency is, basic terminology, what miners do, and the technology these currencies are based off of.