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Find out as media updates Lara Smit decrypts the meaning of cryptocurrency here.1. What is cryptocurrency?A cryptocurrency is a digital currency that is distributed by crypto-owners on the Internet. It exists based off of a consensus network i.e. many people agree that it has a value.

This currency isn't supported by any banks or governments, which means that it isn't bound to a central authority. With no central authority, crypto has no exchange rate, making it ideal for cross-border transactions. This also means that crypto isn't directly influenced by factors like the economy and inflation.

What are your thoughts on cryptocurrency? Let us know in the comments section below.Want to keep up to date with the latest phrases? Subscribe to our newsletter.

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Decrypting the meaning of cryptocurrency in 200 words or less - Media Update