DIGITAL CURRENCY VERSUS CRYPTOCURRENCY

Cryptocurrency is a sub-type of digital currency and a digital asset

July. 26, 2020

DIGITAL CURRENCY VERSUS CRYPTOCURRENCY

Cryptocurrency is a sub-type of digital currency and a digital asset that relies on cryptography to chain together digital signatures of asset transfers, peer-to-peer networking and decentralization. In some cases a proof-of-work or proof-of-stake scheme is used to create and manage the currency.

Cryptocurrencies can allow electronic money systems to be decentralized. When implemented with a blockchain, the digital ledger system or record keeping system uses cryptography to edit separate shards of database entries that are distributed across many separate servers. The first and most popular system is bitcoin, a peer-to-peer electronic monetary system based on cryptography.