What is a cryptocurrency?

The blockchain asset most people are familiar with are cryptocurrencies; which are frequently used as a fiat alternative.

Cryptocurrencies are a subclass of digital assets that utilize advanced encryption techniques that ensure the crypto asset's authenticity. This cryptography prevents the possibility of counterfeiting and double-spending the crypto asset, among a variety of other security features.Cryptocurrencies typically serve as a medium of exchange or store of value for a specific blockchain network. For example, Bitcoin (BTC) is a cryptocurrency of the Bitcoin blockchain network. Depending on the cryptocurrency and its respective native blockchain, there are a variety of features that can include, but are not limited to:

1. Cryptography to secure the network and preserve user anonymity;
2. Decentralization to reduce or remove the need for a centralized issuing or managing entity;
3. And the programmability of behavior, through features like smart contracts, enforces the system's rules in an automated, trustless fashion.