What Are Cryptocurrencies?

A cryptocurrency is a digital asset that enables the exchange of value digitally on a blockchain (a digital ledger). The term “cryptocurrency” is a combination of the words cryptography and currency. Cryptography is the technology used to secure transactions on the blockchain, hence the term cryptocurrency. Examples of cryptocurrencies include Bitcoin (BTC) and Ethereum (ETH). Currency is a medium of exchange that can be used to purchase valuable goods and services. For example, we use cash like Dirhams, Dinar, or Riyal as a currency. 

The first cryptocurrency (Bitcoin- $BTC) was created by a pseudonymous person or group of people referred to as Satoshi Nakamoto in 2009. Bitcoin was a response to the shortcomings of the global financial regime post the 2008 economic crash. And the rest, as they say, is history.