Cryptocurrency - Definition from the Hotspot Shield Encyclopedia
This is a form of currency or medium of exchange that uses cryptography (the practice of secure communication) to create secure transactions and to control creation of new units of currency.
Cryptocurrency is a form of alternative currency and is specifically used in digital currencies. In traditional currencies, a bank or federal system controls the production of money and its distribution. s Cryptocurrencies are decentralized and have no controlling organization; the creation of new units of currency is performed by the currency users and contributors. Various different cryptocurrencies have been created including Bitcoin, Peercoin, Litecoin and Namecoin, each with varying success and popularity. The use of cryptocurrencies is highly debated and each country will maintain a different set of rules and laws pertaining to its usage.