Cryptocurrency is an encrypted data string which denotes units of currency. Cryptocurrency is digital currency which uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Unlike fiat money, cryptocurrency is not regulated or controlled by any central authority.
Cryptocurrencies, or cryptocurrencies (plural) if preferred, are a subset of alternative currencies and digital currencies which use cryptography to maintain the security of transactions and control the creation of new units. Although any cryptocurrency unit can theoretically be exchanged for any other cryptocurrency unit , a large portion of cryptocurrency use involves using cryptocurrencies solely within a single community.
Cryptocurrencies are pseudo-anonymous digital currencies that are used to pay for products and services . They are also exchanged in other contexts, as a store of value or to avoid government currency controls or currency devaluation.