Cryptocurrency (or cryptography) is a controversial digital asset designed to function as a cryptographic medium of exchange to protect your transactions, additional units for monitoring and transferring assets. Crypto values are a type of digital currency, an alternative currency and a virtual currency. Cryptocurrencies use decentralized control instead of a centralized electronic money system and central banks.
Decentralized control of each cryptocurrency works through a blockchain, which is the basis of public transactions, which functions as a distributed record.
Official definition
According to Jan Lanski, crypto seems to be a system that meets four conditions:
• The policy determines whether new cryptocurrency units can be created. If new cryptocurrency units can be designed, the system identifies the circumstances of the source with the ownership of these new units.
• If two different instructions are entered to change the purchase of the same cryptographic units, the system executes at most one of them.
• The system allows transactions to be performed in a way that changes the owner of the cryptographic unit. An extract transaction can only be issued by an entity that proves the current owners of these units.
• The ownership of cryptocurrency units can be shown exclusively cryptographically.
Review
Decentralized cryptography collectively produces the entire system of cryptographic services at a rate determined during the creation of the system and is publicly known. In centralized banking and economic policies, such as the Federal Reserve, administrative committees or governments that control the supply of money by printing fiduciary funds or by requiring additional digital books. In the case of decentralized cryptocurrency, governments or companies cannot produce new units and yet they are not compatible with other companies, banks or organizations that have real estate value. The basic technical system, based on decentralized cryptocurrencies, was created by a group or individual known as Satoshi Nakamoto.
As of May 2018, there were more than 1,800 crypto-transparent specifications. The system of cryptocurrency records, security, integrity and balance is maintained by a community of mutually suspicious parties, called minors, who use their computer to confirm the time of the transaction by adding them to the register under a specific time stamp scheme.
Most cryptocurrencies are designed to gradually reduce the production of this currency by limiting the total amount of those coins that will be in circulation. Compared to ordinary currencies held or maintained by financial institutions
money in hand, police may find it harder to catch cryptocurrency. This problem comes from the exploitation of cryptographic technologies.