A Cryptocurrency is a digital or virtual currency produced by a public network rather than any government that is not issued by any central authority, rendering it theoretically immune to government interference or manipulation. The Cryptocurrency is designed to work as a medium of exchange and a subset of alternative currencies, or specifically of digital currencies that uses cryptography to make sure payments are sent and received safely.
Reference Definition by Cryptocoinsnews.com: A Cryptocurrency is a medium of exchange like normal currencies such as USD, but designed for the purpose of exchanging digital information through a process made possible by certain principles of cryptography. Cryptography is used to secure the transactions and to control the creation of new coins. The first cryptocurrency to be created was Bitcoin back in 2009. Today there are hundreds of other cryptocurrencies, often referred to as Altcoins.
Related Definitions in the Project: The Commercial Definitions
Example Article of the Cryptocurrency:
Does Cryptocurrency Really Run On Clean Energy? (Source: Oil Price on 4 October 2020): By Haley Zaremba - In the past, cryptocurrency mining operations, especially that of Bitcoin, have gotten a lot of flack for consuming jaw-dropping amounts of energy. Bitcoin alone consumes more energy each year than the entire country of Switzerland. To help illustrate the extremity of Bitcoin’s energy consumption, the University of Cambridge created an online tool that allows users to view Bitcoin’s energy consumption side by side with that of other entities. When this platform debuted, the tool showed that “Bitcoin is using around seven gigawatts of electricity, equal to 0.21% of the world's supply,” according to a BBC report, a figure that translates to “as much power as would be generated by seven Dungeness nuclear power plants at once.” However, critics of these damning reports have argued that the energy consumption of Bitcoin and of cryptocurrencies, in general, are overly harsh and not entirely representative of the whole story. Yes, cryptocurrency consumes a huge amount of energy, the argument goes, but the majority of that energy comes from renewable resources. ...