Crypto: Digital Assets & Blockchain Basics

: A Definition of Cryptography and Blockchain

Cryptocurrency is a digital asset. The word ‘crypto’ in its name simply refers to the encryption that underpins the digital currency. Cryptocurrencies are used for different purposes and they are not specifically designed for any one purpose only. Cryptocurrencies are also called virtual currencies, because they operate on a network of computers rather than on a central bank or financial institution as is the case with physical money. Virtual currencies cannot be printed like fiat money, but are generated by computers that solve difficult math problems so as to verify and validate other transactions on the blockchain. This article discusses what crypto and blockchain are, how they work together and different use cases of each one of them.