cryptocurrencies The future in our hands To understand cryptocurrencies, three other concepts need to be understood: digital currency, blockchain, and cryptography. "After all, cryptocurrency is a digital currency, where transactions are recorded on a public digital ledger called a blockchain, and every process along the way is secured by cryptography" Basic concepts If a currency is digital, it only exists in computers. It can be exchanged between people, but there is no middleman like a bank. In contrast with traditional currencies, all transactions are recorded on a digital public ledger called a blockchain. Even though it is public, both the data and the ledger are encrypted or created using cryptography. Another difference from traditional currencies is that cryptocurrencies are decentralized. They are only controlled by users and computer algorithms. 48
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