Cryptocurrency is a term that is cropping up more and more frequently online. The word ‘crypto’ actually has Greek origins, meaning “private,” or “hidden.” You might also recognize it from the English words “encryption” and “crypt,” both of which refer to secrets, coding, hidden places and privacy. Currency is, of course, a term for money, and so put the two together, and you have a word that literally translates to hidden or private money by encryption.
Essentially, that is exactly what cryptocurrency is. It’s a form of online currency- such as Bitcoin- that is made private and secure by complex coding and encryption, protected by codes that are all unique to each individual person, providing the ultimate level of security online. There are several layers of code to get through when dealing with cryptocurrency; there’s the code for the actual transaction in which cryptocurrency is being used, the code for each coin being used (e.g., 20 coins would result in 20 different codes) and then the person or business using the cryptocurrency also has their own code, a code that can be used to identify them further down the line if needs be. No one can say using cryptocurrency isn’t secure!
Cryptocurrency is currently used primarily for online gambling and is a popular method of payment for a lot of online casinos. However, more and more online stores are beginning to accept cryptocurrency, such as Bitcoin, as a method of payment- and in some cases, it is actually preferred! There is a lot of advantages to using cryptocurrency as opposed to using ‘real money.’
You might sometimes see people talking about digital currency or digital cash. Don’t get too confused; this is just another term for the cryptocurrency, and both terms refer to the same thing.