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What is cryptocurrency?

A cryptocurrency is a digital medium of exchange. The first cryptocurrency to begin trading was Bitcoin in 2009. Since then, numerous cryptocurrencies have been created. Fundamentally, cryptocurrencies are specifications regarding the use of currency that seek to incorporate principles of cryptography to implement a distributed, decentralized, and secure information economy. When comparing cryptocurrencies to fiat money, the most notable difference is in how no group or individual may accelerate, stunt, or in any other way significantly abuse the production of money. Instead, only a certain amount of cryptocurrency is produced by the entire cryptocurrency system collectively, at a rate that is bound by a value both prior defined and publicly known.

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