Cryptocurrency defined as a digital currency built with cryptographic protocols that make transactions secure and hard to fake.
The most important feature of a cryptocurrency is that any central authority does not control it: the decentralized nature of blockchain makes cryptocurrency theoretically immune to the old ways of government interference and control.
Cryptocurrencies are more straightforward to conduct any transactions, for transfers are simplified through the use of private and public keys for privacy purposes and security.
These transfers can be done with small processing fees, allowing users to avoid the steep fees charged by traditional financial institutions.
The latest news on cryptocurrencies indicates that because cryptocurrencies are devoid of a central repository, a digital cryptocurrency balance can be wiped out by a computer crash, a hack, and other unexpected events.