A cryptocurrency is a digital currency that can be used to buy goods and services;

there’s no physical coin or bill used and all the transactions take place online. It used

an online ledger with strong cryptography to ensure that online transactions are

completely secure.
What is Cryptocurrency?
It is a purely digital currency that runs on the system of cryptography. It functions as

a decentralised medium of exchange where cryptography is used to verify and

facilitate each transaction. Cryptography also underlines the creation of units of

different cryptocurrencies. 

This mode of exchange primarily runs on the blockchain technology – that which

lends cryptocurrencies the decentralised status. It is a shared public ledger that

contains all the transactions that have ever taken place within a network. Therefore ,

everyone on the network can see each transaction that takes place and also view

others balances.

The Blockchain technology addresses one of the primary concerns with digital

payment platforms, i.e. double-spending while ensuring there is no monopoly of

authority. That is because, in blockchain technology, parties to a transaction

themselves verify and facilitate every such activity.