Simply put, Crypto (or Cryptocurrency) is a digitised asset spread through multiple computer nodes in a shared network. This network is known as a blockchain, which is a decentralized ledger of transactions that take place across a peer-to-peer network.
Cryptocurrency uses blockchain technology to gain:
- Decentralisation – Absence of any control or influence from a centralised authority.
- Transparency – Every transaction on the blockchain ledger can be verified by anyone on the network.
- Immutability – Due to the encrypted nature of the blockchain, it is impervious to manipulation or fraud.