A <b>cryptocurrency</b>, <b>crypto currency</b> or <b>crypto</b> is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.<sup id=”cite_ref-crypto_currency_1-0″ class=”reference”>[1]</sup><sup id=”cite_ref-reuterspricing_2-0″ class=”reference”>[2]</sup> It typically does not exist in physical form (like paper money) and is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as opposed to centralized digital currency and central banking systems.<sup id=”cite_ref-3″ class=”reference”>[3]</sup> When a cryptocurrency is minted or created prior to issuance or issued by a single issuer, it is generally considered centralized. When implemented with decentralized control, each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.<sup id=”cite_ref-4″ class=”reference”>[4]</sup>
Bitcoin, first released as open-source software in 2009, is the first decentralized cryptocurrency.<sup id=”cite_ref-5″ class=”reference”>[5]</sup> Since the release of bitcoin, other cryptocurrencies have been created.
