The term "crypto" is short for cryptography, which refers to the science of secure communication. In the context of cryptocurrency, it means using cryptographic techniques to secure transactions, control the creation of new units, and verify the transfer of assets between users.
Blockchain and Cryptography
At its core, cryptocurrency relies on blockchain technology, which is a distributed ledger that records all transactions in a secure, transparent, and tamper-proof manner. This ledger uses cryptographic techniques to ensure that once data is recorded, it cannot be altered or tampered with.
The Role of "Crypto" in the Digital Age
Cryptocurrencies represent a new way of transferring value across the internet without intermediaries like banks. As digital currencies, they allow for faster, cheaper, and more transparent transactions across borders, empowering individuals in regions without access to traditional banking.
