- Cryptocurrency is an internet-based medium of exchange which uses cryptographical functions to conduct financial transactions. Cryptocurrencies leverage blockchain technology to gain decentralization, transparency, and immutability.
- The most important feature of a cryptocurrency is that it is not controlled by any central authority: the decentralized nature of the blockchain makes cryptocurrencies theoretically immune to the old ways of government control and interference.
- Cryptocurrencies can be sent directly between two parties via the use of private and public keys. These transfers can be done with minimal processing fees, allowing users to avoid the steep fees charged by traditional financial institutions.
A blockchain is a decentralized, distributed, and oftentimes public, digital ledger that is used to record transactions across many computers so that any involved record cannot be altered retroactively, without the alteration of all subsequent blocks.
The number of cryptocurrencies available over the internet as of 19 August 2018 is over 1600 and growing. A new cryptocurrency can be created at any time. By market capitalization, Bitcoin is currently (December 15, 2018) the largest blockchain network, followed by Ripple, Ethereum and Tether.
Currently, no banks accept Bitcoins in its form. They trade/transact in government-backed fiat currencies only. Although Bitcoin is a legal payment tender in some countries. Your traditional banks do not directly deal with Bitcoin.
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