Cryptocurrency is an asset which available in digital form. It is also use as medium of exchange. This form of currency is also secure for the transactions and it's very easy to monitor the units and easy to transfer. It is just like virtual asset or virtual currency. This currency basically design for public to use electronic currency instead of physical currency. Digital currency is very easy to transfer and transaction has digital record which is easy to save.
Definition of cryptocurrencyIt depends on four conditions:
- The first condition is that if new digital currency units is required or not? If new units are produced then the ownership of these new units and its source must be visible.
- More than one purchase of the same unit, than system only accept one of them.
- The ownership status of unit is change, system create a transaction record which issue to the current owner to show the possession off current owner.
- Through cryptographically you can see your ownership of currency units.