A crypto currency is a digital currency . That designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies. Bitcoin, created in 2009, was the first decentralized cryptocurrency. Since then, numerous cryptocurrencies have been created. These are frequently called altcoins, as a blend of bitcoin alternative. Bitcoin and its derivatives use decentralized control as opposed to centralized electronic money or central banking systems. The decentralized control is related to the use of bitcoin's blockchain transaction database in the role of a distributed ledger. Bitcoin has not only Cryptocurrencies or trendsetter, ushering in a wave of cryptocurrencies built on decentralized peer-to-peer network. The currencies in
CryptoCoin
“Virtual currencies, perhaps most notably Bitcoin, have captured the imagination of some, struck fear among others, and confused the heck out of the rest of us.” – Thomas Carper, US-Senator